Preliminary Results 2014/15

Preliminary results 2014/15

Shanks Preliminary Results 2014/15: An interview with Peter Dilnot

Financial summary

  • Performance in line with trading update issued on 31 March 2015, with second half improvement delivered.
  • Revenue increased 1% at constant currency, with underlying growth from UK Municipal.
  • EBITDA down 10% at constant currency to £73.0m.
  • Underlying profit before tax down by 22% to £21.7m at constant currency.
  • Underlying EPS down 7% at constant currency due to lower effective tax rate.
  • Total Group exceptional and non-trading charges of £42.2m as previously disclosed.
  • Ongoing focus on capital discipline delivered strong cash performance, with lower than expected core net debt at £155m and net debt to EBITDA ratio of 2.3x.
  • Final dividend maintained at 2.35p per share, reflecting confidence in medium term growth.

Business overview

  • Challenging year, particularly in the first half, with market pressure in Benelux Solid Waste and one-off operational challenges in Hazardous Waste associated with new investment.
  • Business improvement programmes have delivered a stronger underlying second half and positioned the Group well for future growth.
  • Core Dutch solid waste markets beginning to improve.
  • Achieved ‘financial close’ for long-term Municipal contracts in Derby, UK and Surrey, Canada.
  • £200m build of plants in Wakefield and Barnsley, Doncaster and Rotherham (BDR) close to completion; both to commission this year.
  • Continued investment through the cycle in Hazardous Waste in infrastructure that is expected to deliver sustainable high quality earnings.

Financial highlights

Revenue
£601m
EBITDA
£73.0m
Trading profit
£34.3m
Underlying EPS
5.0p

Previous results

Interim Results 2014/15

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Important information:

On 28 February Shanks Group plc merged with Van Gansewinkel Groep BV to form Renewi plc. Information on this website is no longer being updated and is for historical reference only. Please visit www.renewi.com for latest information, or continue to the historic Shanks Group plc website.