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Annual Results

Shanks substantially lessens FY pretax loss

19 May 2016 09:19

Shanks Group has substantially lessened its FY pretax loss to GBP3.9m, from a year-ago loss of GBP16.9m, with revenue ticking firmly higher to GBP613.8m, from GBP599.4m.

Total dividend was 3.45p a share, flat on the year, including a final dividend of 2.35p, unchanged.

CEO Peter Dilnot said the revenue and profit growth was despite tough macro markets.

"Our Commercial Waste Division returned to strong profit growth, our Hazardous Waste Division delivered a robust performance and our Municipal Division experienced market headwinds but commissioned two flagship assets," he said in a statement.

"Overall we remain well positioned to make progress and meet our expectations for 2016/17," he added.

HIGHLIGHTS:

· Commercial Waste Division delivered 18% trading profit growth, driven by self-help initiatives and stabilising markets.

· Hazardous Waste Division delivered robust performance, with 1% trading profit growth despite over half of its revenues coming from the oil and gas sector.

· Municipal Division performance impacted by market headwinds, with trading profit down 15%; successful commissioning of two flagship PFI facilities for long-term profit and cash generation.

· Continued progress with self-help initiatives across the Group to improve margins.

· Consistent strategy with increased focus on delivering returns from our existing assets across all our divisions.

· Ongoing active portfolio management to recycle capital and increase returns, including £30m sale of Wakefield PFI financial assets.

At 9:19am: (LON:SKS) Shanks Group PLC share price was -1p at 80.25p

Story provided by StockMarketWire.com

Related Company: SKS

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