Renewi says year starts well as economy revives

Renewi said it started the year well and was confident about the outlook as its commercial arm benefited from the economic revival.

Trading in all the group's divisions was well ahead of a year earlier in the three months to the end of June, the waste-to-product company said in an update.

The recovery in sectors such as hospitality has boosted the commercial division, offset by a reduction in bulky waste which rose strongly during lockdowns.

Minerals and water has increased throughput on the soil treatment line to about 75 tonnes per hour from 50 tonnes per hour the year before, with all the output converted to building materials, sand, gravel and filler. The specialities division started the year well, Renewi said.

"Renewi has started the year well, in line with our recently upgraded expectations for FY22," the company said. "The board remains confident in the group's prospects for the financial year ending 31 March 2022."

Cash performance was strong in the quarter and core net debt reduced by more than €20m to €321m. Renewi shares rose 0.4% to 57.5p at 09:59 BST.