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Renewi closes another fiscal year with a loss

23.05.2019 − 

The Dutch-British waste management group Renewi has slipped deeper into the red. Non-trading and exceptional items of more than €100m drove the company’s net loss of €98m for the 2018/19 financial year. Renewi had posted a loss of €54m for the prior year. Revenues increased slightly for the period, climbing from €1.76bn to €1.78bn.

The most substantial adverse impacts stemmed from an energy from waste (EfW) project in the UK, a gasification plant being built in Derby. The project is two years behind schedule, and Renewi’s project partner, the beleaguered construction contractor Interserve, entered insolvency earlier this year and was subsequently taken over by its creditors. Renewi booked extraordinary charges of €64m in connection with the Derby plant.

According to the waste management company, its total extraordinary charges for the 2019 financial year ended 31 March reached €146m. Underlying improvements in other areas, in particular Renewi's non-hazardous waste management business in the Netherlands and Belgium, were not sufficient to offset their impact.

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