StockMarketWire.com - Waste management company Biffa cancelled its final dividend to conserve cash even as it reported profit that more than doubled, driven by 'strong' performance in its collections business and higher margins.

For the 52 weeks ended 27 March 2020, pre-tax profit jumped to £56.4m from £21.5m on-year as revenue increased 6% to £1.15bn. Operating margin climbed to 7.8% from 7.5%.

'Revenue for the period of lockdown were down 30% versus pre-Covid levels, but the group saw an early stabilisation of these trends and in recent weeks we have seen increases in revenues, with revenue levels in both I&C and landfill operations now down about 40% from pre-Covid levels,' the company said.

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