Renewi FY 2023 Profit Above Expectations, Strengthened by 4Q Performance

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Renewi PLC reported on Tuesday that its profits for the 2023 fiscal year were slightly ahead of market expectations. This was mainly due to the low churn, and stable volumes that Renewi was able to maintain in the fourth quarter, in addition to mitigating the effects of inflation with their pricing strategy and cost control. Specifically, the commercial waste division saw a slight recovery in the Netherlands, while volumes in Belgium declined but at a slower rate. On the minerals and water division, the performance was good on the water side, and the specialties division continued to succeed thanks to the good performance of Coolrec and Maltha.

Looking ahead to the 2024 fiscal year, Renewi will continue its agenda on strategic matters like increasing value and maximizing profits from value drivers. The consensus for 2023 was for an underlying group revenue of 1.9 billion euros, EBITDA of 254 million euros, and EBIT of 127 million euros.

Founded in 2017 following the merger of Shanks and Van Gansewinkel Groep, Renewi is now the largest company offering services and solutions in waste-to-product in Europe. The company is part of the Renewi Group, which has a long-term partnership with its stakeholders in order to achieve its leading waste-to-product goal.

Kyle Morris is a journalist who covers the waste-to-product industry. He is both an authority and an active participant in the latest developments across the industry, covering topics such as recycling and waste-management. Morris also has a deep understanding of the challenges that face wider society as well as the businesses that work to turn waste into something beneficial.