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Renewi says faring better than hoped during Covid-19 pandemic

By BFN News | 09:56 AM | Tuesday 07 July, 2020


Waste-to-products group Renewi said it had weathered the Covid-19 crisis better than hoped in the first quarter of its financial year. The total earnings impact of the pandemic in the three months through June was €12m, compared with a previous forecast of €20m. Renewi said the figures supported a strong cash performance with no net outflow during the lockdown. 'Notwithstanding the encouraging start, the outlook for the the 20201 financial year remains dependent on the nature and timing of the lifting of remaining lockdown restrictions and the speed of economic recovery,' the company said. 'We remain alert to the potential for a decline in late cycle activities such as construction.' 'We are also developing plans to accelerate further cost reduction measures if volumes fail to recover to anticipated levels.' At 9:56am: (LON:RWI) Renewi Plc share price was +1.45p at 27.4p Story provided by StockMarketWire.com

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