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Biffa plc - Update on 2020 PSP Award Targets

RNS Number : 3124E
Biffa plc
05 November 2020
 

Biffa plc

(the "Company")

 

5 November 2020

 

 

Update on 2020 PSP Award targets

 

 

Biffa plc is providing this update following the grant of conditional awards under the Company's Performance Share Plan in July 2020 ("2020 PSP Award").

 

As previously disclosed, it was envisaged that the performance conditions for the 2020 PSP Award would be a mix of EPS (50% of award) and relative TSR (50% of award) in line with previous awards. However, due to the high level of uncertainty surrounding setting suitably stretching EPS targets, the appropriate range was not finalised at the time of grant and a commitment was given to confirm the targets within six months of the grant date.

 

The Company's Remuneration Committee has considered whether it is possible to set a robust EPS range and has determined that this is not possible, particularly given the further uncertainty caused by the UK Government's new lockdown restrictions in England that come into force today. It is therefore confirmed that the weighting of the TSR element for the 2020 PSP Award will be 100% as set out in the Directors' Report on Remuneration contained in the 2020 Annual Report and Accounts.  Biffa's TSR is compared with the TSR of the constituents of the FTSE 250 (excluding financial services companies and investment trusts) over the three year performance period.

 

 

 

Enquiries:

 

Investors

Michael Topham, Chief Executive Officer

Richard Pike, Chief Financial Officer

[email protected]

 

 

Media & Analysts

Houston

[email protected]

 

Registered in England and Wales:

10336040

 

Registered office at:

Coronation Road,

Cressex,

High Wycombe,

Buckinghamshire

HP12 3TZ

 

 

About Biffa

Biffa has been at the forefront of the UK's waste industry for over a hundred years, with operations that span the entire breadth of the waste management process including collection, recycling, treatment, disposal and energy generation. We exist to change the way people think about waste; to help people see the opportunities that exist when we manage our waste in the right way, and to make that happen. We understand the vital role we have to play in helping the UK to address the climate emergency and deliver sustainable growth. This involves an ambitious investment programme in green economy infrastructure and low carbon collections, alongside an ongoing commitment to sector leadership in the health, safety and wellbeing of our people. Biffa is a Great British company. It has been listed on the London Stock Exchange since October 2016 under the ticker "BIFF". In March 2020, Biffa entered the FTSE-250.

 

For more information visit www.biffa.co.uk/investors

 

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