Veolia profits helped by higher plastics recycling prices

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Veolia's cardboard recycling service

Global waste management and utilities firm Veolia has announced “strong revenue growth” in its half year earnings statement.

Gross profits were up 5.4% in the first half of 2019 compared to the same period in 2018.

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In its statement, Veolia revealed that while paper recycling prices had decreased by 5% in this period globally, plastics prices had risen by 17%.

In UK and Ireland, revenue for the overall Veolia group grew by 4.3% thanks to very good availability rates for PFIs and good commercial wins with industrial customers.

Veolia chairman and chief executive Antoine Frérot said: “The first half of 2019 activity and results are fully in line with our sustained and profitable growth trajectory. Veolia has achieved strong revenue growth in all of its geographies, an evidence of the pertinence and coherence of our choices, of our capacity to capture the best opportunities for profitable growth.

“The commercial momentum has remained very solid. Growth of our new businesses has been very strong, particularly hazardous waste, up 13%, as well as plastic recycling, up 30%.

“Results also progressed at a very good rhythm, driven by sales growth and by cost reduction efforts achieved in the first semester, ahead of the annual objective, thanks to numerous operational efficiency and synergy actions. These strong first half results allow us to confirm all our objectives for the full year and to prepare our new 2020-2023 strategic plan, with a great confidence in the group’s capacity to continue to achieve a solid, profitable and sustainable growth.”

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