Veolia expects "a very good year"

Portrait of Veolia CEO Antoine Frérot
Veolia's CEO Antoine Frérot reported an "outstanding"
pace of growth in both revenue and profits
05.05.2021 − 

The French environmental services group Veolia is "off to a flying start in 2021", according to its CEO Antoine Frérot. “In a global context that remains difficult, Veolia has announced an outstanding pace of growth of both revenue and profits," said Mr Frérot at the presentation of Veolia's earnings figures for the first quarter in Paris on 5 May.

Veolia's waste management activities benefited from improved prices for recovered paper and other recycled materials and had been also been helped by a partial recovery in waste volumes, the company reported. Overall, the waste division generated first quarter sales revenue of €2.52bn worldwide, representing organic growth of around 3 per cent.

In its home market of France, Veolia’s waste management operations generated revenues of €676m in the first quarter, up 11 per cent in annual comparison. For its Northern Europe region, Veolia reported revenues of €341m in the first three months of 2021. Sales were up by around 6 per cent at constant currency and consolidation scope. The group reported that commercial and industrial (C&I) waste volumes in Germany had recovered since February and also noted that its plastic recycling activity had been strong in the Netherlands and other northern European countries. In the UK, by contrast, the group’s waste revenue was down 6.5 per cent to €447m due to lower C&I waste volumes resulting from the country’s lockdown measures in the first quarter.

Veolia posted consolidated quarterly revenue of approximately €6.80bn. This was 2 per cent higher than the prior-year figure of €6.67bn, and also an increase from revenues in the first quarter of 2019. Current earnings before interest and taxes (Ebit) improved 20 per cent to €469m million, and current net profit after minority interests by around 55 per cent to €188m. "We are therefore ahead of our 2021 objectives and I can confirm that 2021 will be a very good year in terms of growth and profits", said Antoine Frérot. 

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