Reconomy Accounts Reveal Strong 2016 Performance
Recently filed accounts from leading outsourced waste management service provider, Reconomy, have revealed that 2016 saw another strong year of financial growth for the Shropshire-based company.
Turnover for Reconomy, which providers waste management services for many leading names across the housebuilding, construction, infrastructure and commercial sectors, grew by 27% to £111million in 2016. This, together with a continued tight control on internal costs, enabled Reconomy’s EBITDA to increase by 30% to £10.2million over the same period. Significantly, the outlook for 2017 continues to be positive with 2017 proforma revenues in excess of £120million.
Back in July 2016, Reconomy’s growth was further aided by the business acquisition of Cory Environmental’s national Waste Brokerage businesses. The move saw Reconomy acquire Telford-based companies Skippy Nationwide, Skip Hire UK and Cory Environmental Recycling Services, as well as their portfolio of clients.
For the last four consecutive years, Reconomy has diverted 93% of all the waste it manages on behalf of its clients away from landfill by exploring all available opportunities for recycling and reuse. By adopting a partnership approach with its clients, Reconomy also seeks out ways to minimise the amount of waste they create in the first place.
Managing Director of Reconomy, Paul Cox, said: “We’re very pleased that Reconomy has continued to demonstrate strong financial growth during the last 12 months, particularly given the turbulent economic conditions following the Brexit vote. We are confidence that our business model will allow us to continue exceeding all expectations. Our next milestone is to reach a turnover of £200million by 2020, which we believe is an achievable goal.”