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Waste-to-product group Renewi booked a large rise in first-half profit and upgraded its annual guidance following, citing a recovery from the Covid-19 crisis and stronger recyclate prices.
Pre-tax profit for the six months through September jumped to €37.1 million, up from €3.5 million year-on-year, as sales climbed 11% to €916 million.
Renewi said its expectations for the full year had been 'further increased'.
It did not declare an interim dividend.
'We have successfully retained some of the structural cost savings made in response to the Covid-19 pandemic and these, combined with volume recovery and ongoing strong recyclate prices, have contributed to the significant increase in margins and profits,' chief executive Otto de Bont said.
'Following this strong first half, the board is further increasing its full-year expectations, which assume a moderation of recyclate prices in the second half as well as a reduced throughput at ATM.'