Biffa PLC - FTSE 250-listed waste management firm based in High Wycombe - Reports swing to GBP52.5 million pretax loss for the half-year ended September 25 from a GBP25.6 million profit a year before. Revenue drops 18% to GBP482.5 million from GBP588.9 million, including a 19% fall in Collections division revenue to GBP354.8 million while Resources & Energy revenue is down 15% to GBP127.7 million. No interim dividend declared, but "will seek to reintroduce the dividend as soon as it is prudent to do so."
Chief Executive Michael Topham: "Whilst we are pleased with the recent momentum in our trading performance and the progress in delivering our strategic investment programme, we remain cautious in our outlook for the second half of the financial year, particularly in light of the further lockdown measures announced by the UK government for England. Nevertheless, having successfully navigated the first lockdown, and due to the underlying strength of the group's performance over recent months, at this stage, our expectations for the full year remain unchanged."
Current stock price: 226.00 pence
Year-to-date change: down 18%
By Anna Farley; annafarley@alliancenews.com
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