The increased revenue comes from a £21.7m boost from the McGrath acquisition at the start of 2022. Like-for-like revenue is up 15% to £161.1m “due to strong revenue growth through increased processing and higher electricity prices”.
Average gate fee prices also increased by 4.7% compared with 2021.
Cory operates one of the UK’s largest energy to waste facilities in the UK in Belvedere, southeast London, which has a 750,000 tonne capacity.
The company also works directly with eight London boroughs including Hammersmith and Fulham, Lambeth, Wandsworth, Bexley, Tower Hamlets, the Royal Borough of Kensington and Chelsea, Barking and Dagenham, and the City of London.
Findings
The report shows that the company diverted 969,000 tonnes of waste from landfill, sorted 77,000 tonnes of recyclable waste and “saved 258,000 tonnes of carbon by diverting waste from landfill”. They also report generating 565Gwh of electric, which is enough to power around 195,00 homes.
Dougie Sutherland, CEO of Cory Group, said: “2022 was a landmark year for Cory. We raised £900 million to invest in a new river-based transfer station, new tugs and barges, and a new energy from waste facility. This will double the size of the business and deliver modern, low emission waste infrastructure for our clients in London and the Southeast.
“Our most pressing challenge is the climate crisis. I am committed to decarbonising Cory, and in developing solutions to decarbonise our communities’ waste quickly and at scale. This investment is an essential part of this, providing additional capacity to divert waste from landfill and transportation solutions to take more vehicles off the road.
“We all need to move faster to tackle climate change, and for Cory this means the development of carbon capture and storage and a major heat network. Through this we will not only fulfil our own net zero objectives well in advance of our target date of 2040, but also provide a material contribution to the UK’s goal of net zero by 2050.”
Capacity
In 2022, Cory also acquired McGrath group, an independent recycling and waste management company based in Barking, East London.
As part of the acquisition, Cory got a riverside waste transfer station which will enable Cory to increase their capacity for transporting waste to their EfW facility.
The report also highlights the fact there is a critical shortage of residual waste infrastructure in London and more broadly in southeast England. It states that even following the construction of its second riverside plant, southeast England will need to continue to export residual waste to other parts of the UK or further afield to Europe. If it does not export the waste, the area will have to rely on landfill.
Cory also said it plans on investing more than £900 million in its operations and river infrastructure over the next few years. This includes the planned 650,000 tonnes per year capacity ‘Riverside 2’ plant which will sit adjacent to its existing plant.
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