Telford-based Reconomy notches up strong growth
Waste management company Reconomy has revealed it grew sales by more than a quarter last year.
The Telford-based firm's sales passed the £111 million mark in 2016, a 27 per cent improvement on the previous year, which helped it with its aim of topping £200 million by the end of the decade.
It now expects further growth during 2017, with its outlook suggesting revenue will clock in at £120 million for the year.
Given its figure clocked in at about £87 million in 2015, it would mean the company had achieved growth of about 37 per cent over the course of just two years.
Tight control on internal costs allowed Reconomy to improve its EBITDA, meanwhile, with growth of 30 per cent helping it to report a figure of £10.2million over the same period.
Reconomy managing director Paul Cox said: “We’re very pleased that Reconomy has continued to demonstrate strong financial growth during the last 12 months, particularly given the turbulent economic conditions following the Brexit vote.
"We are confidence that our business model will allow us to continue exceeding all expectations. Our next milestone is to reach a turnover of £200million by 2020, which we believe is an achievable goal.”
In July last year Reconomy’s growth was further aided by the acquisition of Cory Environmental’s national Waste Brokerage businesses.
The move saw Reconomy acquire Telford-based companies Skippy Nationwide, Skip Hire UK and Cory Environmental Recycling Services, as well as their portfolio of clients.
For the last four consecutive years, Reconomy has diverted 93 per cent of all the waste it manages on behalf of its clients away from landfill by exploring all available opportunities for recycling and reuse.
By adopting a partnership approach with its clients, Reconomy also seeks out ways to minimise the amount of waste they create in the first place.
In 2016 Reconomy was named Resource Management Business of the Year at the 2016 National Recycling Awards.
The company is also currently shortlisted for a host of other prestigious awards, including Specialist Contractor of the year (over £100m turnover) at the 2017 Construction News Awards.
It narrowly missed out in the Business of the Year Award at last week's Shropshire Star Excellence In Business Awards.