The British waste management company Shanks Group plc will launch additional structural cost initiatives intended to save the company more than £50m (ca. €62m) over the next three years. In its report for the first half of the 2012/13 financial year released on Thursday, Shanks said that planned to eliminate an additional 250-270 jobs in Belgium and the Netherlands and the UK. The consolidation of Shanks' national support offices in the Benelux region would account for 40 of those positions.
Group revenue for the first half of the financial year dropped to £340m (€425m), or 8 per cent less than during the prior-year comparison period. Before tax profits plunged 60 per cent to £7m. Total earnings were off by 29 per cent to nearly £11m (€13m).
Shanks is active in the Benelux region and its British home market. The company also operates organic waste activities under the Orgaworld name in Canada.