22 November 2017 – interim results
Biffa has announced results for the 26 weeks ended 22 September 2017. Net Revenue was up 7.8% to £481.6m from £446.7m a year earlier. Underlying operating profit was up 9.3% to £43.4m (2016: £39.7m) and underlying profit after tax was up 56.1% to £26.7m (2016: £17.1m). Underlying earnings per share were 10.7p and statutory earnings per share 9.5p. Two acquisitions were completed during the period and a further three acquisitions were completed after the period end. Period end reported net debt was £272.2m and an interim dividend of 2.17p per share was declared. These were strong results, albeit broadly in line with expectations. We rate the shares as a BUY.