Waste treatment company Renewi is more positive about the result for the whole broken accounting year ending in March. According to the company that emerged from the acquisition of the Gansewinkel by British Shanks, things have been going better than expected in the last six months.
In an interim trade update, Renewi states that the total trade was higher than the adjusted expectations related to the coronavirus. According to Renewi, commercial waste volumes recovered well in the second quarter: the Netherlands is now running at 96% and Belgium is 90% compared to last year.
Over the last six months, cost savings of EUR 10 million have been achieved, including through wage cuts for top managers and reduced use of temporary staff and external service providers. The company says it is on track to exceed the previously announced target of EUR 15 million for the year.
However, Renewi remains cautious about the macroeconomic outlook, including a possible future delay in the Dutch construction market at a later stage and possible further measures to contain the coronavirus. However, in view of the group’s” resilient “trade in the first half of the year, which included a period of substantial lockdown measures in the first quarter, the company considers that the result over the year is” significantly ” higher than the previously adjusted expectations.
The company will come up on 10 November with full results.