Veolia has reported revenue growth of 46.2% in the first half of its 2022 financial year compared to the same period in 2021 partly thanks to higher recyclate prices and the Suez acquisition.
Revenue grew to €20.2 billion (£16.8 billion) thanks to the integration of Suez and strong organic growth.
With a current net income of €528 million (£441 million), the company said it is on track to meet its target of €1.1 billion (£919 million) for the full financial year.
Its sale of recycled materials reached €242 million (£202 million) with the increase in the price of recycled paper and cardboard in France, Germany and UK contributing most.
In the UK, revenue was up by 12.4% with the favourable impact of recyclate prices for paper and plastic, higher energy volumes and prices, plus increased availability of incinerators helping this jump.
Veolia chief executive Estelle Brachlianoff said: “Veolia’s performance during the first half of the year was once again very good. Q2 activity was on a very similar trajectory as in the first quarter. The integration of Suez’s activities since mid-January was very successful. Their contribution in terms of revenue and synergies is up to our expectations, which confirms the merits of this acquisition. These very good results also benefited from the continued strict cost discipline which allowed us to fully confirm our 2022 objectives.
“Veolia, world leader in ecological transformation, continues to fully benefit from good trends in its markets thanks to its value-added offerings, perfectly adapted to the environmental challenges of our clients. The resilience, the adaptability and the relevance of our strategic positioning allow us to face the uncertain macroeconomic and geopolitical context with confidence.”