(Alliance News) - Waste management firm Biffa PLC on Wednesday said expectations for the year to March 2021 are unchanged, with trading has been "slightly ahead" of its base case scenario.
The FTSE 250-listed company said August revenue recovered to around 90% of prior year levels, with Industrial & Commercial division at 87% and Landfill unit at 86%.
"As a result, underlying profit contribution is also continuing to steadily improve month on month, and the group expects to cease furloughing staff at the end of September," Biffa added.
Biffa said pressure on plastic prices will hold back its Seaham plant until it starts to produce food-grade recycled materials in April of next year. However it said its established high-density polyethylene operations have been largely unaffected by the price weakness.
The company separately said that Non-Executive Director Gab Barbaro has resigned from the board, with immediate effect to take up a new executive position.
Chair Ken Lever said: "We are naturally disappointed to see Gab leave the Biffa board. He has made an extremely valuable contribution during his relatively short period of time with us and we wish him the very best in his new executive role."
Shares in Biffa were up 1.1% at 215.29 pence each in London on Wednesday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
