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Biffa CEO to step down as net profit, revenues rise

StockMarketWire.com

Waste Management group Biffa announced Wednesday CEO Ian Wakelin would step down after revealing underlying profit after tax rose 33.8% as revenue jumped 8.8% amid organic and acquisitive growth.

For the 53 weeks ended 30 March 2018, underlying after tax profit rose 33.8% to £47.9m from £35.8m the previous year, net revenue jumped 8.8% to £977.7m while underlying earnings (EBITDA) rose 8.9% to £150m.

Underlying operating profit rose 10% to £81.2m.

The firm said however, that it expected a reduction in underlying operating profit in fiscal-year 2019 before returning to growth.

The final dividend was increased to 4.53p per share, from 2.40p the previous year.

The company also announced that Michael Topham, Chief Financial Officer would succeed Ian Wakelin as CEO. Wakelin would, however, remain as CEO until a successor CFO has been appointed, the company confirmed. Story provided by StockMarketWire.com