The waste and resource management company reported that earnings before interest, tax, depreciation and amortisation (EBITDA) rose to £241.5m million, up from £211.3 million in 2023/24, which it described as being “driven by strong operational and commercial performance” across its core activities.
Operating profit increased to £140.1 million, compared with £116 million the previous year, reflecting improved trading performance.
However, this was overshadowed by losses linked to discontinued sites, which pushed the group to a loss for the year of £69.2 million, compared with a £75.7 million profit in 2023/24.
As a result, the group recorded a total comprehensive loss of £40.6 million for the year, compared with total comprehensive income of £76.3 million in 2023/24.
Continuing operations at Viridor, nevertheless, generated an underlying profit of £84.8m.
Closure of Avonmouth facility
The losses may be linked to the Avonmouth facility, which was closed in November 2024, following what it described as a “detailed strategic review” of the facility, which opened in March 2022.
The company said its UK mechanical recycling operations had been “negatively impacted by persistently and increasingly challenging market conditions”, alongside the absence of planned legislation to increase plastic recycling rates.
In a statement at the time of the closure, Viridor blamed delays to policies outlined in the 2018 Resources and Waste Strategy, saying the failure to implement measures on schedule had materially undermined the financial viability of domestic plastic recycling.
The company also pointed to broader global pressures, including overcapacity in virgin polymer production in lower-cost markets outside Europe, which has significantly reduced demand and prices for recycled plastics.
The company’s Rochester site has also stopped its operations.
Progress on energy recovery
Alongside the financial results, Viridor highlighted progress on several major infrastructure and innovation projects.
Construction of the Westfield Energy Recovery Facility (ERF), a joint venture with Equitix, achieved first burn in December 2024, becoming the 12th facility in Viridor’s ERF fleet. The site has now completed comissioning.
The company confirmed that its proposed Tilbury Docks ERF reached a successful financial close, allowing development to move forward. The site is expected to reach commercial operation in 2028.
2024/25 also marked the first full year of incorporating Quantafuel, Viridor’s plastics-to-liquid business.
The company said the operation “continues to push boundaries in chemical recycling, proving that scalable solutions are within reach”.
In addition, Viridor announced forward progress on plans to develop the UK’s first negative emissions project at its Runcorn ERF.
Subscribe for free