Biffa expresses confidence over full-year outlook

Integrated waste management company Biffa said on Thursday that it was looking at further acquisition opportunities as it expressed confidence in its outlook for the full year.

In a pre-close trading update ahead of its half-year results in November, the company said it has achieved a good performance with sustained momentum overall. It has continued to deliver “solid” organic and acquisition revenue growth, while underlying earnings before interest, tax, depreciation and amortisation and underlying operating profit growth have been driven by a strong operational performance and cost control, including the delivery of acquisition synergies.

Biffa said that O'Brien Waste Recycling Solutions Holdings - which it acquired back in July - has performed well since the acquisition. It added that the deal pipeline is “positive” and said it is actively exploring further value-enhancing opportunities.

“The group's balance sheet remains strong, with cash generation and net debt also in line with our expectations. The board remains confident in the group's strategy, commercial opportunities, and outlook for the full year.”

At 1025 BST, the shares were down 0.7% to 232.77p.