Biffa plc
Strong underlying performance reinforces expectations for the full year
8 September 2021
Biffa plc ('Biffa', 'the Group' or 'the Company'), today issues a trading update ahead of the announcement of its interim results, scheduled for 18 November 2021.
Current performance and outlook
Trading in the first half of the year has continued in line with the Board's revised expectations, as set out on 19 July 2021.
Group net revenues for the five months to August 2021 were 12% higher than the comparable period in 2019, and 3% excluding acquisitions. In the I&C business, like for like volumes (adjusted for acquisitions) have stabilised at levels slightly above pre-pandemic levels.
As with many other businesses across the UK, we are working hard to mitigate the impact of the national shortage of HGV drivers, along with other supply chain challenges, on our services.
Update on Group strategy
The Group continues to make good progress in delivering its strategic priorities, including the completion of the Viridor transaction on 1 September, the development of its energy from waste facilities, the commissioning of its new plastic recycling facilities and the roll out of new Company Shop (CSG) stores.
We are hosting an investor and analyst visit at CSG today. The presentation material will be available on our investor webpages: www.biffa.co.uk/investors .
Outlook
The Board is pleased with Biffa's strengthened business performance and the outlook for the full year remains positive and in line with the Board's expectations .