Waste management company Veolia saw its profits increase in the first nine months of its latest financial year, with higher recyclate prices benefitting the business.
It revealed revenue of €20.357 billion (£17.359 billion) in the nine months to 30 September 2021 up from €18.705 billion (£15.951) in the same period in 2020.
Waste revenue increased by 14.3% with higher recyclate prices having a 5.1% effect.
Increased recycled material prices added an 8.2% uplift to waste revenue in France, while it also noted that “very high recycled material prices” in UK and Ireland and Germany.
Pre-tax profits increased to €3.140 billion (€2.677 billion) in this period, which was an increase of 26.4% for the first three quarters of 2020.
Veolia chairman and chief executive Antoine Frérot said: “Our financial performance in the first 9 months of 2021 is not only much better than in 2020, which was penalized by the sanitary crisis in the first 2 quarters of the year, but also very much ahead of 2019, which was a record year of profits for Veolia. 2021 guidance is therefore fully confirmed.
“Our teams have also remained fully committed to finalising the acquisition of Suez around year-end. We are now all looking forward to welcoming Suez’s teams in order to create the world leader in ecological transformation.”