Waste management company Biffa has reported record revenue of £1.44 billion in its annual results for the 2021/2022 financial year.
It also revealed that it had completed the acquisition of Sheffield-based DJB Recycling in June for £1.9 million.
Biffa’s revenue was up 39% on the year before and pre-tax earnings came in at £195 million, up 41% on FY21.
However, overall the company revealed an operating loss of £8.3 million compared to a loss of £37.6 million in the previous financial year.
Biffa noted that it was emerging strongly from the pandemic, but still faced challenges from it, Brexit, post-pandemic supply chains, inflationary pressures and the war in Ukraine.
However, it said that it had benefitted from the strength of commodity prices, but this had been offset by cost pressures due to shortages of key resources, supply chain challenges and a shortfall in performance in its Company Shop Group subsidiary.
Biffa chief executive Michael Topham said: ““I am delighted with the progress we have made in the face of another eventful and challenging year. Not only have we demonstrated the resilience of our business model, resulting in record adjusted operating profits and the reinstatement of the dividend, but we have continued to invest in the infrastructure and services that are essential to the delivery of a circular economy.
“As we look forward, while being mindful of the near term challenges the UK economy is facing, we are increasingly well positioned to play a key role in the transition that our sector is embarking upon, supported by an ambitious policy agenda.”
