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Renewi

Renewi expects full-year performance to be in-line with expectations despite impairment charges

The trading update follows an announcement in March in which the company said it would take a £73mln hit for impairments and provisions following a review of contracts in its UK Municipal division

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Renewi will announce its full-year results on 24 May 2018

Renewi PLC (LON:RWI) said it expects overall performance for the year to be “in line with the board’s expectations” as it issued a trading update ahead of full-year results.

The FTSE 250-listed waste management group, created in February 2017 by the merger of Shanks Group PLC and Dutch firm Van Gansewinkel Groep BV, said “trading in the final weeks of the year continued with the board's expectations, along with our merger synergy and integration plans."

READ: Renewi shares drop as it books £73mln impairments and provisions for Municipal division contracts

“As a result, the Group's overall performance for the year ended 31 March 2018 is anticipated to be in line with the board's expectations with regard to underlying trading and cash”.

The update follows an announcement on 9 March 2018 in which the company said it would take a £73mln hit for impairments and provisions following a review of contracts in its UK Municipal division.

Renewi will announce its full-year results on 24 May 2018.

Shares were down 1.1% at 76.1p in early morning trading Wednesday.

--Adds share price--

Quick facts: Renewi

Price: £0.31

Market: LSE
Market Cap: £2.49 m
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