Renewi plc Reports Pre-Close Trading Update for FY24

Renewi plc, a European leader in waste-to-product services, announced today a pre-close trading update for the fiscal year ended 31 March 2024. Despite a challenging environment in Commercial Waste Netherlands, the company expects to report full-year results aligning with current market expectations, with all other divisions performing strongly combined with effective cost-management strategies.

Focused on strategic growth, Renewi's Mineralz & Water division exceeded recovery anticipations, and major improvements were seen in operational efficiencies through its Simplify and Future Fit programs. These initiatives are poised to bolster short and long-term profitability and operational performance, reflecting a proactive response to the diverse and evolving waste management market.

The company's organic growth largely benefited from stable volumes and positive regulatory impacts, particularly in Belgium. The partnership with Vattenfall marks a strategic move towards green energy, with a significant annual green gas purchase agreement set to commence in FY25.

The financial outlook remains robust with expected revenue slightly down year-on-year but offset by cost reductions and strategic gains, leading to an anticipated rise in EBIT margins in the second half of FY24. Renewi will provide a detailed financial report on 30 May 2024.