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'Looking forward, the momentum towards a circular economy is unstoppable. Today, we announce our enhanced strategy, which will enable us to capture the growth opportunities from the circular economy, and our
Financial Summary
Financial performance in line with expectations
Revenue from ongoing businesses up 2% to
Underlying EBIT from ongoing businesses down 10% to
Underlying profit before tax from ongoing businesses down 23% to
Underlying EPS from ongoing businesses down 25% to
Core net debt of
As previously announced, total non-trading and exceptional items of
As previously announced, no final dividend to be paid due to Covid-19, resulting in a total dividend for the year of 0.45p per share
1Numbers quoted on an ongoing businesses basis (excluding the results of the businesses sold during the year) and are stated on an IAS 17 basis, excluding the positive impact of the implementation of IFRS 16 the new lease accounting standard to enable meaningful comparisons. The definition and rationale for the use of non-IFRS measures are included in note 18.
Core net debt excludes the impact of IFRS 16 leases and net debt relating to the
Operational and Strategic Highlights
Continued growth in core Commercial Division despite weaker markets and Covid-19
Restrictions lifted on TGG soil shipments at ATM and first shipment made; initial capacity installed to make construction materials from TGG
Good performance in Monostreams and Municipal Divisions, with operational improvements and restructuring delivering benefits; lower profits in Municipal as expected
Enhanced strategy announced to capture profitable growth in the circular economy by being the leader in recycling and in secondary materials production
Divisional structure simplified from five to four, creating commercial synergy and reducing cost and risk
Ambitious new sustainability strategy, closely aligned with core business strategy
Successful secondary listing on Euronext Amsterdam exchange
Covid-19 Update
As previously announced on
Swift and decisive action taken to reduce operating costs and preserve cash flows, saving
Executive Directors and Board elected to take a voluntary 20% cut in remuneration during the period of lockdown and the Executive Committee has taken a voluntary 10% cut, executive bonuses for last year will be paid in shares, preserving cash and the bonus scheme for the current year is suspended
Volume reductions during lockdown slightly lower than originally expected, remaining cautious as to shape of economic recovery
Outlook
Based on our experience since the second half of March, we expect Covid-19 to result in a potential reduction in EBIT and cash of up to
The definition and rationale for the use of non-IFRS measures are included in note 18. Ongoing businesses as presented exclude the financial results for the Canada Municipal business which was sold on
Contact:
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Fax: +44 (0)1908 650651
Email: info@renewi.com
Web: www.renewiplc.com
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