Biffa's (BIFF) maiden half-year results cover the period prior to the waste management group's highly anticipated listing in October, so the pro-forma figures can only tell us so much. Biffa's admission came more than three years after financial problems prompted a takeover by its senior lenders. The money raised has helped to sort out the rather worrying looking balance sheet, with net debt post-IPO halving from the period-end figure of £534m.
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