Biffa achieved solid revenue growth in its 2022/23 business year, building on the "strong trajectory" of the prior year, according to the strategic report and financial accounts which the UK's second largest waste management company submitted to Companies House. Statutory revenues increased by 16 per cent to £1.68bn (ca. €1.96bn) for the 53-week period ended 31 March 2023. Biffa stressed that the "majority of the growth has been organic, being roughly twice that attributed to acquisitions".
The company recognised a significant an increase in a provision taken in connection with a landfill tax enquiry being carried out by HM Revenue and Customs. "The growth in the level of protective assessments reflects both an extension of the time period covered by the assessments and increase in the scope of matters being investigated by HMRC," said Biffa. The level of the current total provision is "management's best estimate of the amount required to settle the present obligation" as of the close of the financial year. HMRC maintains that some waste disposed of by the company should have been subjected to a higher rate of landfill tax than was assessed at the time the material was landfilled.
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