The revenue growth was attributed to the addition of three sites in the UK, which helped to “insulate the company from external shocks, such as economic restrictions from pandemic policies, energy price increases, or supply chain risks”. In 2022, Reconomy began operating in 11 new markets, “allowing a significant expansion of services”.
The report shows that £123m was spent on procuring SMEs in 2022 “which have contributed to the local, social and economic value created since 2018”.
Guy Wakeley, group chief executive of Reconomy, said: “Our second group-wide annual sustainability report demonstrates strong progress against our stated objectives, and we are pleased to announce the successful completion of many of these goals. These achievements align with excellent commercial performance from the business as the combination of growing our business organically and via strategic acquisitions means our revenue exceeded £1 billion in 2022.”
‘Environmental commitments’
Reconomy has also “further strengthened its environmental commitments” by increasing its waste diversion rate to 97.5%, a “significant improvement” from the 96% achieved in 2021. This means that an even greater proportion of the waste managed by the company’s operations is being redirected away from landfill, contributing to a “more sustainable waste management approach”.
Reconomy has also “successfully reduced its full-scope carbon intensity” by 13%. This is “particularly notable” considering the company’s growth in operations, highlighting “its dedication to minimising its carbon footprint.”
However, the report shows the company’s absolute carbon emissions has increased 28% which they have attributed to having acquired 3 UK sites.
Energy
Furthermore, an 67% of Reconomy’s electricity now comes from renewable sources, which the “say a significant step towards achieving its goal of sourcing 100% of its electricity from renewable sources by 2028.”
To further explore renewable energy options and promote energy efficiency, the report shows that the company conducted an energy management survey in 2022. The survey identified opportunities such as implementing on-site solar power, sharing energy management tips, appointing energy champions, and providing guidance on efficient driving techniques.
According to the report the company has the company has set a carbon reduction goal of 12% for its Scope 1 (fuel use) and 2 (energy use) and 3 (Transportation, products used and sold) emissions to lower this.
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