Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

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In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

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HOW WE USE INFORMATION

We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

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Renewi PLC (RWI)

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Monday 12 February, 2018

Renewi PLC

Trading Update

RNS Number : 5091E
Renewi PLC
12 February 2018
 

 

This announcement contains inside information 

 

 

 

12 February 2018

 

Renewi plc

 

("Renewi", the "Company" or, together with its subsidiaries, the "Group")

 

Trading Update

 

Renewi plc (LSE: RWI), the international waste-to-product business, today announces a trading update for the period from 1 October 2017 to date.

 

Peter Dilnot, Group Chief Executive, said:

 

"We have continued to make good operational progress and overall trading across the Group during the seasonally quieter second half has been in line with our expectations. We therefore remain confident in the outturn for the full year ending 31 March 2018. Our merger synergy and integration plans continue to progress well and we remain on track with the target synergies and delivering significant value accretion from the merger."

 

Trading

 

Overall trading during the second half of this financial year has been positive and in line with management's expectations. Our merger synergy and integration projects are progressing well and we remain on track to deliver at least the 12m committed savings for the year ending 31 March 2018. We remain confident that the overall €40m synergy programme will be delivered on schedule. 

 

The Commercial Division has continued to perform well in both the Netherlands and Belgium, well ahead of the prior year.  As expected, volume growth declined towards the end of the third quarter, reflecting the seasonal slowdown in the construction and demolition (C&D) sector.  Faced with the Chinese import ban on paper and plastic recyclates, we found alternative outlets for our products and, as expected, margins reduced slightly as a result.  Since the start of 2018 we have increased prices to offset cost pressures on wages, insurance and waste outlets.  Synergy delivery remains slightly ahead of plan and we are now in a detailed design phase for the critical IT migrations to move the Division onto common platforms, enabling structural synergies such as site rationalisation and route optimisation to take place.

 

The Hazardous Waste Division has performed as expected.  As previously announced, the soil cleaning line at ATM continues to operate at reduced capacity and management remain focused on the key task of increasing throughput by securing suitable new outlets for our cleaned soil.  The industrial cleaning and waste water treatment activities have performed well, with strong volumes offsetting some ongoing margin pressure in the cleaning segment.  Integration of VGIS into our Reym industrial cleaning business has progressed ahead of plan and we have secured Works Council consent for the next phase of full operational integration.    

 

The Monostreams Division has performed well since the half year, particularly in the Mineralz segment.  The Maltha glass recycling business has delivered ongoing margin recovery and a new long-term shareholder agreement has been signed with Owens-Illinois, our 33% co-investor in Maltha.

 

The Municipal Division has performed in line with our revised expectations for the year, as highlighted at the interim results, delivering good operational progress against the recovery plans.  The operating contracts of Wakefield and Barnsley, Doncaster and Rotherham ("BDR") continue to be loss making in the current market conditions, despite substantial operational improvements. Progress includes the passing of all performance tests at Wakefield and the signing of a new off-take contract with the AEB incinerator in Amsterdam which will reduce off-take costs for the ELWA site for the next decade.  Good progress has also been made in Canada, with the London facility back to full production and first waste being accepted at the new Surrey facility in British Columbia.

 

Cash

 

Our cash performance continues to be strong due to tight control of working capital and replacement capital expenditure, together with a deferral of some integration costs as previously announced.  Net debt remains in line with our expectations and well below our covenant levels.

 

Non-trading and exceptional items 

 

The Group is currently undertaking its annual reviews of onerous contracts and other items in the Municipal Division, particularly in light of the full year of operations at BDR and Wakefield. These reviews and additional actions to manage the portfolio are likely to result in increased exceptional charges for the year ending 31 March 2018.  An update prior to the year-end will be provided once the review has been finalised.

 

Exceptional integration related charges are likely to be lower than forecast in the current year, primarily as a function of timing.

 

Outlook

                                                             

The Board remains confident that the trading outturn for the full year ending 31 March 2018 will be in line with its expectations. 

 

 

For further information:

 

 

Brunswick Group

Renewi plc

+44 207 404 5959

www.renewiplc.com

+44 1908 650582

Carole Cable

Fiona Micallef-Eynaud

Peter Dilnot

Toby Woolrych

 

 

About Renewi plc

 

Renewi, created in 2017 by the merger of Shanks Group plc and Van Gansewinkel Groep B.V., is a leading waste-to-product business ideally positioned to be part of the solution to some of the main environmental problems facing society today: reducing waste, avoiding pollution, and preventing the unnecessary use of finite natural resources.

 

We are listed on the London Stock Exchange and are a constituent of the FTSE250 index. With over 8,000 employees across nine countries in Europe and North America, we have deep expertise and an extensive breadth of waste management products and services.

 

For us, waste is a state of mind, an opportunity. When we take away someone's waste, we then give it new life. We transform a wide range of used materials into useful products and raw materials for our customers, like recycled paper, metal, plastic and glass, woodchips, compost, energy, fuel, and other products.

 

In the process we protect the world from contamination, preserve finite natural resources, and enable customers to meet their sustainability goals. With our deep international expertise we also provide our customers with an extensive product range, combined with local service and attention.

 

Above all, our team is committed and passionate about our mission: waste no more. Renewi operates across five divisions:
 

•     Netherlands Commercial - Collecting, sorting, treating and recycling commercial and household waste in the Netherlands

•     Belgium Commercial - Collecting, sorting, treating and recycling commercial and household waste in Belgium

•     Hazardous Waste - Treating soil, water and packed chemical waste at our flagship ATM facility and conducting specialist industrial cleaning in the Netherlands

•     Monostreams - Managing a range of waste streams which focus on specific end markets such as glass, electronic goods, organics and minerals in Europe

•     Municipal - Operating long-term waste management contracts with local authorities in the UK and Canada

 

For more information, please visit: www.renewiplc.com 

Images are available to download at: www.renewiplc.com/imagelibrary

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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