Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Renewi lowers expectations after challenging third quarter
(Sharecast News) - Waste-to-product company Renewi lowered its full-year expectations in an update on Tuesday, after its performance in the third quarter reflected persisting challenges in some key markets, partly offset by progress in its margin improvement initiatives. The London-listed firm said that in the commercial waste Netherlands segment, volumes, particularly in the construction and demolition sector, remained subdued, mirroring a broader decline in regional construction activity.
It said its ongoing organisational rationalisation under the 'Simplify' programme helped mitigate the impact of lower volumes for the 2024 financial year.
The programme was on track, with around 160 headcount reductions completed in December, resulting in an in-year cost reduction of around €5m.
Recyclate prices remained stable, except for plastics, which experienced continued weakness.
The Mineralz and Water division meanwhile continued to demonstrate positive momentum in the quarter, with notable performance in waterside operations.
On the soil side, the ramp-up initiated in the second quarter continued as expected.
Specialities performed in line with expectations, with Maltha delivering strong results to offset the somewhat lower performance of Coolrec, which was impacted by lower plastic prices.
The UK municipal segment remained stable, delivering a solid performance throughout the quarter ended 31 December.
Renewi noted the securing of new customer wins in the period.
Looking ahead, Renewi noted continued challenges in its trading environment, but said its strategic initiatives had improved performance and reduced costs in the business during the third quarter.
The positive trend was expected to persist for the rest of the year.
However, due to the weaker regional economic conditions, Renewi anticipated that its full-year results would fall below market expectations.
At 0949 GMT, shares in Renewi were down 4.15% at 601p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
