Spanish group FCC reported strong financial performance from its Environment division in the first half of 2023. Revenues increased by 7 per cent to reach €1.88bn, while division earnings before interest, tax, depreciation and amortisation (Ebitda) grew by 9 per cent to €278m.
The rise in revenues was driven by strong growth in the company's waste collection and street cleaning activities due to the start of new contracts, in particular in Spain and the United States. FCC's expansion on the US market was one of the highlights of the group's first half. Division revenues jumped to €185m, a 58 per cent increase compared to the prior-year first half.
Towards the end of the past half, FCC made the decision to sell a minority stake in its Environment business to the Canadian pension fund, CPP Investment. Through the transaction, FCC's 100 per cent share in the business is to be reduced to a 75.01 per cent holding. The price agreed by FCC and CPP is €965m. The deal remains subject to the usual conditions....
