The British waste management company Biffa reported strong performance in its first financial half due to both organic growth and acquisitions. In its first earnings statement since its IPO on the London Stock Exchange in late October, Biffa reported that net revenue was up nearly 9 per cent to £447m (ca. €522m) in the six months ended 23 September 2016.
Biffa attributed the jump primarily to growth in the industrial & commercial (I&C), commercial and resource recovery and treatment (RR&T) divisions. The only division to see revenues fall was the energy division where sales weakened as expected compared to the first half of the previous financial year due to falling landfill gas yields and lower energy prices.
Nevertheless, operating earnings declined from £29m to £12m. The concern's net result for the first half was a loss of £5m. A year earlier, Biffa had posted a loss of £0.6m.