Reconomy remains on course for 2020 target
Recently filed accounts from leading outsourced waste management service provider, Reconomy, have revealed the company remains on course to reach its projected target of £200m turnover by 2020.Turnover for Reconomy, which provides waste management and recycling services for many leading names across the housebuilding, construction, infrastructure and commercial sectors, grew by 10.1% last year to £122m. Reconomy’s EBITDA also grew by 18.6% over the same period to £12.1m.Despite principally operating in sectors facing some of the toughest economic conditions, Reconomy has achieved sustained levels of growth over the last five years, reporting an impressive 21% CAGR (compound annual growth rate) based on revenue and 34% CAGR based on EBITDA.To achieve its £200m goal, Reconomy is continuing to target organic revenue streams as well as pursue acquisition opportunities. In February 2018, Reconomy completed its first business acquisition of the year following the purchase of Bromsgrove-based company, Waste Check, which specialises in the compliant disposal of clinical and chemical waste materials.Last year, Reconomy managed the disposal of over 3m tonnes of waste on behalf of its numerous clients. By implementing best practice approaches to waste management, minimising its clients’ waste output and increasing their resource efficiencies, Reconomy successfully diverted 93% of all the waste it managed on their behalf away from landfill.Reconomy Chief Executive, Paul Cox, said: “We’re delighted with the sustained levels of growth that we have experienced at Reconomy in recent years, particularly given the financial uncertainty that exists within many of our core operating sectors.”Though we’re pleased with this latest set of results, we are not complacent and are mindful of what the future may hold. For this reason, we will continue to prioritise innovation and tech-enablement to maintain the gap between us and our competitors.”