Half Year Results 

Renewi swings to a loss

Renewi swings to a loss

For waste-to-product business Renewi (RWI), addressing net debt remains a top priority. An initial €57m (£49m) payment from divesting the Canadian municipal business helped reduce ‘core net debt’ (which excludes lease liabilities and public-private partnership borrowings) by 7 per cent to €514m. Proceeds received after the period end from divesting industrial cleaning business Reym should bring this down further. But the loss on sale has been booked as an exceptional charge, pushing the group into a pre-tax loss.

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