StockMarketWire.com - Integrated waste management company Biffa has proposed a maiden dividend of 2.40p per share following strong performance in the year to 24 March.

The group said it was a 'pleasing year of organic and acquisitive growth' and all four divisions performed in line with expectations.

Net revenue was up 8.3% at £898.8m (2016: £830.3m) (3.3% organic and 5.0% acquired) and underlying EBITDA2 rose by 12.6% to £137.7m .

Underlying operating profits were up 18.1% at £73.8m and underlying profit after tax increased by 251% to £35.8m.

The group posted a statutory loss after tax of £10.9m (2016: £5.1m) due to IPO-related and other items.

Chief executive Ian Wakelin said: "Biffa delivered a strong performance in the year that also saw our successful listing on the main market of the London Stock Exchange.

"As a fully integrated, market-leading waste management services provider, we have the scale and the network to act as a consolidator in a highly fragmented market place.

"In the year we completed five acquisitions and have a strong pipeline of acquisition opportunities.

"At the same time, we have continued to take actions to improve the efficiency of our operations, get closer to our customers and leverage new opportunities for investment.

"We are also pleased to have signed an exclusive partnership with Covanta, a leading developer and operator of energy recovery facilities (ERFs) to explore the potential development of two large-scale ERFs in Leicestershire and Cheshire.

"The UK has a significant shortage of energy from waste treatment capacity.

"We look forward to exploring this opportunity further.

"Our expectations for the year ahead remain unchanged and we look forward with confidence."










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