Acquisitions have boosted revenues, expected to be up more than a third on FY 2021
Biffa PLC (LSE:BIFF) has maintained earnings expectations ahead of the release of full-year results in June, but said it continues to monitor the impacts of war in Ukraine.
The waste management company said trading in the second half of the year had continued to plan, with revenues in the 11 months to February 35% higher than financial year 2021, and 20% above FY 2020, driven by acquisitions.
The group said collections had stabilised slightly above pre-pandemic levels, telling investors it had offset cost inflation and supply chain challenges with price increases, while HGV driver shortages had eased in recent months.
“The Board is pleased with the performance and underlying resilience of the business,” the company said.
“Whilst the Board is mindful of the potential impacts of events in Ukraine, we remain confident of the Group’s position and reaffirm the Group’s forecast for the current year.”
Biffa said its Simply Wast and Viridor acquisitions were trading in line with expectations and that integration was progressing to plan.
Cash generation is expected to be 3x adjusted earnings.
Biffa’s shares were up 3.83% to 293.85p at 09:23 GMT this morning.