Recently filed accounts from leading outsourced waste management service provider, Reconomy, have revealed strong financial growth during 2015.
Turnover for the Shropshire-based business grew by 34% to £87.4million in 2015. This, together with a continued focus on internal cost control, enabled Reconomy’s EBITDA to increase by 55% to £7.7million over the same period.
With no intention of basking in this success, the business remains on track for further growth with a current run-rate set to achieve £125m revenue by the end of 2016. These impressive statistics have been attributed to a continued focus on retaining and expanding existing client accounts, along with the attraction of new business.
Some of the many companies that joined Reconomy’s impressive portfolio of clients in 2015 include: social housing specialist, Mears Group, construction and project management company, Lendlease, civil engineering and building company, Dawnus, and - working through the FM provider OCS - automotive manufacturer, Jaguar Land Rover.
Reconomy specialises in helping its clients to minimise the amount of waste they generate by maximising opportunities for reuse and recycling. During 2015 the company co-ordinated 12,000 waste movements every week, overseeing the disposal of over 3million tonnes of waste. 93% of this waste was successfully diverted away from landfill, helping to meet government recycling targets for waste minimisation, as well as preserve the environment.
Managing Director of Reconomy, Paul Cox, said: “The strong financial growth that we experienced during 2015 is a testament to the hard work of everyone at Reconomy. We are optimistic that we will continue to grow and outperform current expectations for 2016 and beyond. Our ultimate objective is to reach a turnover of £200million within the next three years, which we believe is an achievable goal.”
In 2015 Reconomy acquired two long-established and highly successful waste management businesses - Countrywide Waste Management Limited, including its subsidiary, MT Waste Management Limited, and Kings Lynn based Just Hire Limited, trading as Network Waste.
To accommodate Reconomy’s continued expansion, in 2015 the company moved into its new three-story office building on Stafford Park, Telford - reported to be the largest letting on a single building completed in Shropshire for 15 years. In recent months Reconomy has been shortlisted for two highly prestigious awards: Company of the Year at the 2016 Shropshire Business Awards and Resource Management Business of the Year at the 2016 National Recycling Awards.