Renewi on track to meet full-year expectations

(Sharecast News) - Recycling specialist Renewi reiterated full-year guidance on Thursday, following "strong" performances in a number of divisions. Updating on year-end trading, the waste-to-product firm said group revenues would be slightly lower year-on-year, as expected.

The dip reflected a mixed market backdrop as well as lower recyclate pricing.

However, Renewi continued: "The benefit of ongoing cost reduction, digitisation, execution of strategic initiatives and strong momentum in several of the group's businesses is expected to result in an improved underlying EBIT margin performance in the second half versus the first.

"As a result, the group [anticipates] to report full-year results in line with current market expectations."

In particular, Renewi said there had been "strong" performances in three of its four divisions while the recovery in the Mineralz & Water unit was continuing, with the overall performance slightly ahead of the original recovery plan.

As at 1000 BST, shares in the London-listed firm were up 1% at 558p.

Renewi employs around 6,000 people at multiple sites across Europe. It is due to publish full-year results on 30 May.