Biffa reports £18.7m pre-tax loss after stock market flotation
Waste management firm Biffa swung to a loss last year as the cost of its stock market flotation trashed the company's balance sheet.
Biffa reported an £18.7 million pre-tax loss for the year to March 24, compared with a profit of £2.9 million in 2016, after it was stung by £29 million of exceptional costs linked to its initial public offering.
Stripping out the IPO costs, underlying profits rose from £21.1 million to £45.1 million.
Revenue was up 6.8% to £990.4 million as boss Ian Wakelin pointed to further acquisitions after the five Biffa made last year.
"We have the scale and the network to act as a consolidator in a highly fragmented market place. In the year we completed five acquisitions and have a strong pipeline of acquisition opportunities.
"At the same time, we have continued to take actions to improve the efficiency of our operations, get closer to our customers and leverage new opportunities for investment."
The firm, which floated on the London Stock Exchange in October, is the second largest waste management group in the UK, serving 2.4 million households and employing more than 7,000 staff.
It believes the UK waste market will continue to grow rapidly - by around 5% a year - forecasting it will be worth £18.5 billion by 2020, driven by the country's rising population and household growth.