Biffa’s annual results have been published today showing ‘strong growth in revenue, profits and cash flows’.
The UK waste management company has also announced that CEO Ian Wakelin will stand down. He will be succeeded by current CFO Michael Topham. A new CFO has yet to be appointed.
Covering the year to end of March 2018, Biffa’s annual report showed net revenues up 8.8 percent to £977.7 million. The growth was equally attributed to organic and acquisitive growth, each at 4.4 per cent.
Biffa’s underlying earnings before interest, tax, depreciation and amortization (EBITDA) was up by 8.9 per cent to £150 million, while underlying operating profit rose by 10 per cent to £81.2 million.
For investors, the final dividend was 4.53p per share proposed, up from 2.4p in the previous year.
Looking forward, Biffa reported a strong cash flow and capital structure; said it had a strong pipeline of opportunities and was making ‘good progress in evaluation of energy from waste opportunity with Covanta’.