Renewi plc: Trading update (1174713)

Renewi plc (RWI) 
Renewi plc: Trading update 
11-March-2021 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 
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The issuer is solely responsible for the content of this announcement. 
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This announcement contains inside information 
 
 
 
11 March 2021 
 
Renewi plc 
 
("Renewi", the "Company" or, together with its subsidiaries, the "Group") 
 
Trading update 
 
Renewi plc (LSE: RWI), the leading international waste-to-product business, announces its pre-close trading update for 
the year ending 31 March 2021. 
 
Trading update 
 
Renewi has continued to perform well in the fourth quarter, driven by a strong performance in its core Commercial 
Division.  We have continued to benefit from stronger than expected recyclate prices and resilience in bulky waste and 
C&D waste volumes to offset lower roller bin volumes. Overall Commercial volumes for the fourth quarter are expected to 
be around 96% and 95% of the prior year in the Netherlands and Belgium respectively. 
 
Given the strong Commercial performance, Group underlying EBIT for FY21 is now expected to be significantly ahead of 
our previous expectations at around EUR68m. 
 
The Group's cash performance is also expected to end the year materially better than previous expectations.  Core net 
debt excluding IFRS 16 lease liabilities will likely be less than EUR350m (FY20: EUR457m) and the leverage ratio below 2.5x 
driven by strong trading performance and Covid-19 cash actions including taxation deferrals. 
 
Exceptional items are anticipated to be in line with prior guidance, with the addition of a potential non-cash 
impairment of goodwill at the small Maltha subsidiary of less than EUR10m. 
 
We are also pleased to announce the appointment of Marc den Hartog as Managing Director, Commercial Waste Netherlands, 
with effect from 1 April 2021.  Marc joins from Corbion NV, with extensive experience in innovation and sustainability. 
 
Outlook 
 
Notwithstanding the Group's strong performance in FY21, the Board remains suitably cautious at this stage regarding the 
outlook for the financial year ending 31 March 2022 given the uncertainty as to the varied impacts of lockdown 
restrictions ending, recyclate prices, and a potential late cycle slowdown in the construction sector. 
 
Longer term, the transition to increased recycling will continue to support our business model. The sustainability 
agenda and the potential for a "green recovery" supported by the EU and national governments are expected to present 
attractive opportunities for Renewi to convert waste into a wider range of high-quality secondary materials. We remain 
confident our three strategic growth initiatives - recovery of earnings at ATM, the Renewi 2.0 programme and our 
innovation pipeline - will deliver significant additional earnings over the next three years and beyond. 
 
 
For further information: 
 
 
FTI Consulting           Renewi plc 
[phone]         [phone] 
Susanne Yule             Adam Richford, Head of IR 
[phone]         [phone] 
Richard Mountain         Michelle James, Communications 
 
 

www.renewiplc.com

About Renewi

Renewi is a leading waste to product company that gives new life to used materials every day. We have around 7,000 employees working at 174 operating sites across Europe. Our extensive operational network means we are always close to our customers.

For Renewi, waste is a state of mind, and an opportunity. Our many years of knowledge and experience, combined with a broad range of services, allow us to offer sustainable, practical recycling solutions. We use innovation and the latest technology to turn waste into useful materials such as paper, metal, plastic, glass, wood, building materials, compost and energy. In other words, we turn today's waste into tomorrow's raw materials. The result of our work is less waste and contamination, a smarter use of scarce raw materials, and a reduction in carbon emissions. This means that we are contributing towards a cleaner, circular world in which we "waste no more".

Visit our website for more information: www.renewiplc.com. -----------------------------------------------------------------------------------------------------------------------

ISIN:          GB0007995243 
Category Code: TST 
TIDM:          RWI 
LEI Code:      213800CNEIDZBL17KU22 
Sequence No.:  95259 
EQS News ID:   1174713 
 
End of Announcement  EQS News Service 
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(END) Dow Jones Newswires

March 11, 2021 02:00 ET (07:00 GMT)