Commenting on the company’s interim results for 2000/2001 released yesterday, Mr Waddell said that profits in the company’s special waste sector “had declined in the harsh market conditions currently prevailing”.
Mr Waddell was referring to the continuing stiff competition by landfill site operators for material which has resulted in low prices being charged. On the recycling front, the company runs a number of materials recycling facilities including sites at Peterborough, Bedford and Milton Keynes. Some are not operating at sufficient capacity and running costs are not fully met by sales of material and payments from local authorities.
The results showed that in the six months to September 30, 2000 profits before tax were up 25% to 21.5 million (1999 19.8 million).
Group turnover in the period grew by 60% largely down to the company’s expansion on the continent through the acquisition of the former Waste Management inc business in Holland.
Within the UK operating profits increased by 5% to 17.1 million.
Shanks starts to stem recycling losses
Recycling losses at waste management company Shanks Group plc have reduced further, chairman Gordon Waddell has said.
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