LONDON (dpa-AFX) - Waste management company Renewi plc (RWI.L), formed by the merger of Shanks Group plc and Van Gansewinkel Groep B.V., Wednesday said its third-quarter trading has continued broadly in line with management's expectations.
Based on its continued expectation of a strong fourth quarter performance, the Board remains confident that Renewi will deliver full year results in line with its expectations.
In its trading update, the company noted that its merger integration projects have made good progress in recent months. The company remains on track to deliver the committed 30 million euros of cost synergies for the year ending 31 March 2019 and the committed 40 million euros for the year ending 31 March 2020.
The Board is continuing to execute its Focus & Grow strategy to increase the quality of earnings and to materially delever the Group towards its target of less than 2.0x net debt to EBITDA.
The disposal processes of Reym and Canadian Municipal businesses are on track and progressing well with encouraging inbound interest from potential buyers.
As previously announced, the Board intends to seek a secondary listing of Renewi's shares on Euronext Amsterdam.
Copyright RTT News/dpa-AFX