Turnover passes £120m for Telford waste management company Reconomy
Waste management service provider Reconomy has increased its turnover past the £120 million mark.
The Telford-based firm, which manages three million tonnes of waste each year for companies across the UK, has reported a turnover of £122 million for the year to December 31 2017, up from £110.8 million during the prior 12 months.
The company's pre-tax profits have also risen from £5.6 million to £7.7 million in the same period.
The results come after the company was acquired by investment firm EMK Capital in August 2017.
A statement signed off by the board said: "2017 proved an exciting and successful trading period for the group providing significant year-on-year growth despite challenging market conditions, as a consequence of uncertainty in the market as we approach Brexit.
"Turnover increased as a result of continued focus on existing clients whilst benefitting from the full-year effect of an acquisition completed in 2016 and new customer wins.
"Organically, 2017 witnessed sales and market share growth in the groups key markets and the business won a number of new customers.
"The directors believe the group is ideally placed to be the partner of choice across all markets for recycling and waste management services.
"The directors are optimistic that the group will continue to grow and outperform expectations.
"The current financial year has started strongly and the group is trading ahead of budget and last year."
On February 1 2018, the group completed the acquisition of Waste Check.
Waste Check specialises in the compliant disposal of clinical and chemical waste materials for businesses operating across numerous business sectors, including healthcare, retail and care homes.
The purchase followed the acquisition of Cory Environmental's waste brokerage businesses in 2016, along with both Countrywide Waste Management Ltd and Network Waste in 2015.
Reconomy provides waste management and recycling services, carried out across all business sectors throughout the UK. This includes skip hire, consultancy services, equipment hire, earthworks, land remediation, technical services, plasterboard recycling, office recycling solutions, and materials supply such as aggregates, concrete and asphalt.