Renewi Plc Share News (RWI)

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Renewi Has Resilient Third Quarter Despite Fresh Lockdowns

Mon, 01st Feb 2021 09:21

(Alliance News) -Â Renewi PLC on Monday said third quarter trading was "robust" and its full-year expectations remain unchanged.

The waste-to-product business said its Commercial Waste Division maintained full operational capacity in the quarter to December 31. Volumes fell back "marginally" as new lockdowns were introduced in November, but the overall hit to volumes in December was less than half of that seen in the first lockdown in spring. Volumes in the Netherlands were 98% of a year ago in the third quarter, compared to 97% in the second quarter and 94% in the first.

The Mineralz & Water Division performed as anticipated across most business lines, and the Specialities Division performed in line with expectations.

"Longer term, whilst the speed and extent of economic recovery will influence our performance, waste volumes have historically been resilient through cycles and the transition to increased recycling will continue to support our business model. The sustainability agenda and the potential for a "green recovery" supported by the EU and national governments are expected to present attractive opportunities for Renewi," the company said.

Shares in Renewi were up 1.3% at 40.22 pence in London on Monday.

By Lucy Heming;Â lucyheming@alliancenews.com