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"Biffa has delivered a strong set of maiden results, with all divisions achieving organic growth in the first half of the year.
Our strategy of operating across the whole waste management value chain positions the business well to respond to changes in the industry driven by legislation. We are also concentrating on the existing business and have brought in skills from outside the industry to drive through change in our largest customer facing division, Collection. The listing of Biffa on the London Stock Exchange in October marked the start of an exciting new phase for Biffa and our independence has ensured that we now have a primary focus on driving organic growth in a sector that has significant development opportunities to deliver value to our shareholders.
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Press & Newsroom
Biffa Plc announces Interim results
29th November 2006
Biffa Plc announces Interim results for the 26 weeks ended 29 September 2006.
STRONG FIRST HALF PERFORMANCE WITH CONTINUING ORGANIC GROWTH
Highlights
- Continued profit growth across all divisions
- Revenues up 5.8% to £376.5 million (2005/6: £356.0 million)
- Operating profit up 8.7% to £48.9 million (2005/6: £45.0 million)
- Profit before tax up 19.9% to £41.6 million (2005/6: £34.7million)
- Proforma earnings per share (1)
- Free cash flow (2) at £27.2 million, increase of £8.2 million compared with £19.0 million last year
- Maiden interim dividend 2.1 pence per share
- Strong revenue growth in collection services to national account customers
- Commenced 14 year contract with Metropolitan Borough of Wirral with expected value of £140 million
- Continued strength of landfill operations, with new site opened in Northern Ireland in November 2006
- Special Waste benefiting from the impact of hazardous waste regulations
- Expansion into recycling and treatment activities progressing well
(1) Proforma earnings per share is based on the Biffa Ordinary Shares in issue immediately following the demerger
(2) Refer to consolidated cash flow statement for definition of `free cash flow'
"Biffa has delivered a strong set of maiden results, with all divisions achieving organic growth in the first half of the year.
Our strategy of operating across the whole waste management value chain positions the business well to respond to changes in the industry driven by legislation. We are also concentrating on the existing business and have brought in skills from outside the industry to drive through change in our largest customer facing division, Collection. The listing of Biffa on the London Stock Exchange in October marked the start of an exciting new phase for Biffa and our independence has ensured that we now have a primary focus on driving organic growth in a sector that has significant development opportunities to deliver value to our shareholders.
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Biffa Limited is incorporated and registered in England and Wales, Registered Number: 4081901, Registered Office: Coronation Road, Cressex, High Wycombe, Buckinghamshire HP12 3TZ
