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Interim Results for the 26 Weeks Ended 28 Sept 2007

28th November 2007

Biffa Plc
Interim results for the 26 weeks ended 28 September 2007

GOOD PROGRESS IN THE FIRST HALF

Financial highlights

• Revenues up 4.9% to £395.0 million (2006/07: £376.5 million)
  
• Operating profit up 7.2% to £52.4 million (2006/07: £48.9 million)
  
• Basic earnings per share of 8.2 pence (2006/07: 8.0 pence)
  
• Adjusted earnings per share up 10.8% to 8.2 pence from 7.4 pence
  
• Free cash flow at £32.2 million, an increase of 18.4%
  
• Interim dividend of 2.3 pence per share, up 9.5%
  
  Operational highlights
  
  
• Good volume growth maintained in our national account Collection business supported by a number of major contract wins;
  
• Excellent profit growth achieved from Landfill benefiting from the opening of new sites and above inflation unit revenue growth;
  
• Strong trading performance in Power Generation achieved through the successful early termination of less profitable NFFO contracts, qualifying additional power output for ROCs ; and
  
• Good progress in adapting operations to new pre-treatment regulations and increasingly well positioned on alternative technologies for disposal.
  
  Martin Bettington, Chief Executive Officer of Biffa Plc commented:
  
  "In a period in which the Group has implemented substantial changes in preparation for the pre-treatment regulations which came into effect at the end of October, we are pleased to report good growth in revenues, operating profit, adjusted earnings and free cash flow in the first half of this year.
  
  In our Collection division, operating profit levels in the second quarter of this year show an improving trend in comparison to last year, while our national account business growth continued. Further we have continued to see strong performances from our Resource Recovery and Landfill and Power Generation divisions.
  
  In the second half our priorities remain focused on delivering further improvements in performance from our Collection division, while also launching new collection services and expanding and developing treatment facilities in response to some of the most significant legislative changes to affect the UK waste industry.
  
  In line with our previous expectations, we anticipate continuing good progress for the remainder of the year and are well positioned for the future."