In a trading statement released today by parent company Severn Trent, which compared the past five months up to 31 August 2002 to the same period in 2001, the Group’s performance was described as “satisfactory,” and said with regard to Biffa that overall conditions in the UK waste market are being hit by current the economic climate.
The statement, released prior to results for the half year ending 30 September 2002, pointed out that landfill profits had declined due to the impact foot-and-mouth had on landfill for the period 2002 to 2003.
Regarding landfill, Severn Trent said: “Landfill profit before goodwill amortisation, interest, tax and exceptional items in the UK was down year-on year, reflecting the absence of any profit from foot-and-mouth in 2002 to 2003.”
However, it continued to say that for Biffa in the UK, “collection turnover was broadly flat year-on-year”. It said that there had been a reduction in industrial/commercial volumes, indicating that these have either decreased or stayed stable but in contrast “municipal contracts and pre-treatment activities have performed well,” indicating a rise in activities such as recycling by the firm.
The year-on-year comparisons made in the statement are based on unaudited management accounts. The Group’s results for the half-year ending September 30 2002 will be announced on December 11 2002.
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