Pre-close trading update
Press Release
31 March 2014
Pre-close trading update
Shanks Group plc (LSE:SKS), a leading international sustainable waste management business, today issues its pre-close trading update ahead of its preliminary results which will be released on 15 May 2014.
Since the Interim Management Statement on 3 February 2014, the Group has continued to trade robustly, despite challenging market conditions, and the Board expects to deliver a full year result broadly in line with its expectations.
The first calendar quarter of 2014 has seen continuing downward pressure on volumes and prices in Benelux Solid Waste and EU Organics, with a slower than anticipated pick-up in market activity in March. This challenging market environment is expected to continue through 2014.
The Group continues to make good progress in delivering its strategic goals. This includes meeting its cost reduction targets for the year, generating cash through the exit of underperforming activities and also investing for growth through significant expansion programmes in the Hazardous Waste and UK Municipal Divisions.
The Group's cash management and capital discipline remains strong and year end net debt is expected to be at least in line with market expectations. As previously announced, the Group completed the refinancing of its core banking facilities on a long-term basis on 31 January 2014.
For further information:
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Brunswick Group |
+44 207 404 5959 |
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Mike Smith |
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Justine McIlroy
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Notes to editors
Shanks Group is a leading international sustainable waste management business. We meet the growing need to manage waste without damaging the environment. Our solutions reduce greenhouse gas emissions, recycle natural resources and limit fossil fuel dependency.
Shanks uses a range of cost-effective sustainable technologies to make valuable products from what is thrown away and generate increasing returns for shareholders. We produce green energy, recovered fuel, recycled commodities and organic fertiliser.
Shanks operates in four divisions that reflect our markets: Solid, Hazardous, Organics and UK Municipal. It has operations in the Netherlands, Belgium, UK and Canada and employs around 4,000 people.
In its target markets, the Group is at the forefront in providing sustainable waste management solutions for both the public and private sectors.
For more information, visit: www.shanksplc.com
This information is provided by RNS
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