The increase was underpinned by strong performance from its Energy from Waste (EfW) operations, new contracts and extensions to existing partnerships.
According to the company’s latest financial report, turnover reached £771 million in 2024, up from £684 million in 2023 – an increase of 13%.
Operating profit rose sharply to £33.2 million, compared with £9.99 million the previous year, while profit after tax jumped to £21.5 million, a substantial increase of 680% on £2.8 million in 2023.
John Scanlon, Chief Executive Officer at Suez, commented: “We continued to grow our business in 2024, a year characterised by political change on the national stage and ongoing inflationary pressures.
“It was also the year the sector received clarity on long-awaited reforms to recycling policy.”
Growth despite challenging market conditions
In the document, 2024 was described as a “successful year”, achieved despite continued pressure of recyclate prices and lower market values for electricity generation.
Scanlon added: “It was against this backdrop that two of our long-term public sector customers extended their partnerships with SUEZ, whilst we welcomed two significant new municipal collection and street cleansing customers to our portfolio, reinforcing the trust our customers place in us to deliver their essential frontline services whilst navigating significant policy change.”
The document pointed to the strength of its EfW operations and industrial and commercial (I&C) waste business, along with new and extended municipal contracts, as key drivers behind the increase in revenue compared with 2023.
Suez renegotiated and extended its long-term contract with the Greater Manchester Waste Authority (GMWA) to include a major refurbishment project at the Raikes Lane EfW facility and an additional five years of service.
In addition, a further variation was agreed with another “major” municipal customer.
New municipal collections contracts
Suez also mobilised a new municipal collections contract in Mid Kent in March 2024, with a further contract in Southend-on-Sea which began in March 2025.
These new contracts, combined with ongoing integration of I&C acquisitions made in 2023, contributed to improved efficiencies and a broader service offering.
The company said further synergies are expected to emerge from these acquisitions in 2025 as integration continues across its I&C portfolio.
Administrative costs, which were sited to be increasing “year-on-year” in the 2023 financial report, decreased in 2024, following “the release of an onerous contract provision”.
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