UK-based Biffa plc has announced its half year results for the 26 weeks ended 25 September 2020. Net revenues grew from £202.5m in Q1 to £256.3m in Q2 and EBITDA recovered from £19.3m to £39.0m. I&C revenues recovered to 94% of prior year levels in September and landfill revenues recovered to 86% of prior year levels in September. However, statutory revenue decreased by 18.1% from £588.9m in H1 FY20 to £482.5m in H1 FY21.
Michael Topham, Chief Executive of Biffa, said, “I am very pleased with the performance of the business and the progress we have made in delivering our strategic objectives in the first half of the year, in extremely challenging circumstances. We responded swiftly to the first wave of the pandemic and have emerged strongly in recent months with Group Net Revenue in September recovering to 93% of prior year levels. This is ahead of our base case expectations and demonstrates the resilience of our model. Our £100m equity raised in June enabled us to continue to invest in growing the business, in line with our strategy. Since June we have committed c. £40m in value-enhancing acquisitions in our I&C business and are at an advanced stage of committing in excess of a further £40m into green economy infrastructure development. These investments will help to build a stronger, more sustainable business for when we emerge from the pandemic.”