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Prices & Quotes - UK Markets - Biffa (BIFF)

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Share Price:
Down 266.50p
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Biffa earnings to beat expectations, shares jump

By Abigail Townsend

Date: Wednesday 03 Mar 2021

LONDON (ShareCast) - (Sharecast News) - Biffa said on Wednesday that full-year earnings would come in ahead of expectations, after the third national lockdown had less of an impact than feared.
Updating on full-year trading, the waste management firm said the group's second-half performance had been ahead of base case expectations, "with the impact of the third lockdown on earnings less severe than originally anticipated".

Third-quarter revenues were at 97% of the levels seen in the prior year, and at around 92% for the final three months of the year.

Volumes in its industrial and commercial unit stabilised at around 80% of prior year levels in the fourth quarter - higher than the initially predicted range of 70% to 75% - with all other areas performing in line with previous guidance.

The stronger-than-expected revenues meant that provisions put aside for doubtful debts were able to be released in the fourth quarter.

Biffa said: "As a result, underlying earnings before interest and tax for the 2021 full year, while still materially impacted by the pandemic, are now expected to be well ahead of the board's previous expectations, in the range of 42m to 44m."

Consensus for underlying EBIT is currently around 33.8m.

The update boosted Biffa's shares and by 0845 GMT, the stock was trading 7% higher at 275.0p.

Looking ahead, the FTSE 250 firm - which last week announced it had acquired food waste specialist Company Shop Group in a 82.5m deal - said it was "increasingly well placed" with leadership positions in various key markets.

"The group is excited by the growth opportunities it sees and will continue to invest to build a resilient, more sustainable business, well positioned for a strong post pandemic future," it added.

Results for the year to 26 March 2020 are scheduled to be released in May.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.


Biffa Market Data

Currency UK Pounds
Price 266.50p
Change Today -1.50p
52 Week High 278.50p
52 Week Low 194.40p
Volume 187,514
Shares Issued 305.61m
Market Cap 814.44m
Beta 0.03

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What The Brokers Say

Strong Buy 6
Buy 0
Neutral 2
Sell 0
Strong Sell 0
Total 8
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Biffa Dividends

  Latest Previous
  Interim Final
Ex-Div 28-Nov-19 27-Jun-19
Paid 20-Dec-19 19-Jul-19
Amount 2.47p 4.90p

Trades for 13-May-2021

Time Volume / Share Price
16:36 638 @ 266.50p
16:35 53,955 @ 266.50p
16:29 33 @ 265.00p
16:29 185 @ 265.50p
16:29 77 @ 265.50p

Biffa Key Personnel

CEO Michael Topham
CFO Richard Pike