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Renewi Share Price Rallies as Profit, Revenue Rises

Updated: 9 Nov 2021

Shares of Renewi (LON: RWI) have risen Tuesday after the company reported its results for the six months ended 30 September 2021, showing a rise in revenue and underlying profit.

The company said it delivered a strong performance with revenue up 11% to €916m, which was driven by the Covid recovery and ongoing stronger recyclate prices. Underlying EBIT rose 125% to €63.8m, driven by commercial waste. Pretax profit was reported at €44.7 million from €4.4 million the previous year.

In addition, the company further increased its FY22 expectations, stating: “We remain confident our three strategic growth initiatives – our innovation pipeline, recovery of earnings at ATM, and the Renewi 2.0 programme – will deliver significant additional earnings over the coming years as well as the longer term.” 

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Otto de Bont, CEO of Renewi, said: “Renewi delivered a strong performance in the first half of FY22, with underlying EBIT 125% above prior year and 69% above the pre-Covid first half of FY20. We have successfully retained some of the structural cost savings made in response to the Covid-19 pandemic and these, combined with volume recovery and ongoing strong recyclate prices, have contributed to the significant increase in margins and profits.  

“Following this strong first half, the Board is further increasing its full-year expectations, which assume a moderation of recyclate prices in the second half as well as a reduced throughput at ATM.”

Renewi shares are currently up 11.55% at 814p, adding to its 96.8% year-to-date gains.

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