Biffa expecting revenue increases when it publishes annual results

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Biffa truck in London

A trading announcement from Biffa has said that it expects revenue to increase when it publishes its annual results in June.

In the trading update for the full year up to 25 March 2022, Biffa said that trading continued to be in line with its board’s expectations.

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Group net revenues for the 11 months to February 2022 were around 35% higher than its 2021 financial year and 20% higher than in the same period in 2020.

Excluding acquisitions, growth has been 25% and 10% higher respectively.

In its Collections business, Biffa reported that industrial and commercial volumes (adjusted for acquisitions) have stabilised slightly above pre-pandemic levels. The company has also been able to offset cost inflation and supply chain challenges with price increases and other measures. The shortage of HGV drivers has also eased in recent months.

Its Specialist Services division saw its Industrial Services business perform strongly, but Company Shop was challenging although it has seen recent improvement.

The Resources & Energy division has benefitted from the recovery in both volumes and pricing, according to Biffa.

Biffa also said that its acquisitions of Simply Waste and Viridor are both trading in line with expectations.

In its Polymers business, its rPET facility is expected to be operating at full capacity with the introduction of the Plastic Packaging Tax in April. Construction of the third rHDPE line in Redcar is underway and is expected to be operational in 2024.

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