Financial results for 2016 show record performance at the facility in Belvedere, East London
London, 19 June 2017:
Cory Riverside Energy, one of the UK’s leading resource management, recycling and energy recovery companies, has today published financial results for its Riverside Energy from Waste (“EfW”) facility in East London covering the period for the 12 months to 31 December 2016.
In the period the Group saw record turnover at the Riverside, which grew by 3% to £103.5m and record operating profits of £42.1m, an increase of 3% on the prior year.
Commenting on the results, Cory Riverside Energy’s CEO Nicholas Pollard said: “We are delighted with this set of results, which reflects the strength of our offering at Riverside. We have again demonstrated the effectiveness and reliability of our technology at the site and we continue to make an important contribution to London’s waste and energy sectors.”
Other highlights included record levels of waste processed at 753,000 tonnes and electricity exported, at 528GWh.
During the period, Cory Riverside Energy undertook a successful restructuring programme which saw three non-core businesses sold off between June 2016 and January 2017.
This restructuring paved the way for a successful £520m debt-refinancing package for the Riverside facility which was completed in March 2017.
“The refinancing underscored the great confidence that our lenders have in Riverside.The facility offers a highly visible earnings stream, which is driven by long term municipal contracts and indexed gate fees.” added Mr Pollard.
Cory Riverside Energy also secured a licence from the Environment Agency to operate a transfer station at the port of Tilbury. Against a backdrop of a UK waste disposal gap exacerbated by the decreasing use of landfill, the Tilbury site provides further resilience to the current waste supply chain and expands the potential catchment area that the company can service. Meanwhile, the management team work to develop other complementary low-risk growth opportunities.
Cory Riverside Energy’s operations and the development of new business opportunities are being enhanced with three key changes to further strengthen the leadership team announced in June 2017. This included the appointment of a new Chief Operating Officer, Julian Walker, who joins from Impala Terminals where he served as Chief Operating Officer and was responsible for 1,700 staff globally.
Mr Pollard said: “As I look back on the excellent progress and performance of 2016 and ahead to 2017 and beyond, I have great confidence that we have the right strategy in place and the calibre of team to deliver it.”
Ends For further information, please contact:
+44 (0)20 3805 4822
Andy Rivett-Carnac, Henry Wallers
Notes to editor
- Cory Riverside Energy is the largest operating Energy from Waste facility in the United Kingdom, with a unique river-based infrastructure on the Thames for delivering waste.
- January 2017 saw the completion of a major restructuring programme, which saw three of Cory Group’s four business lines sold:
– June 2016: Sale of Cory Group’s municipal collection business, Cory Environmental Municipal Services Ltd, to Biffa Waste Services Ltd.
– July 2016: Sale of Cory Group’s national waste brokerage (“Brokerage”) businesses to Reconomy. Brokerage comprised UK Nationwide Skip Hire Limited, trading as Skippy Nationwide, Skips @ Home Limited, trading as Skip Hire UK, and Cory Environmental Recycling Services Limited.
– January 2017: Sale of Cory Group’s landfill sites and associated landfill gas operations, across 14 locations in the UK, to Armour Group Holdings Ltd.
- The company also operates a series of waste collection sites in central London that transfer waste from two municipal contracts –Bexley and Western Riverside Waste Authority (WRWA – covering Wandsworth, Hammersmith & Fulham, Lambeth and Kensington & Chelsea). These two municipal contracts contribute most of the volume handled. The company also has several significant commercial and industrial (C&I) contracts.
- Cory Group is majority-owned by investment funds managed by Strategic Value Partners, with other investors including EQT Services (UK) Limited and Commerzbank.
- Other operational highlights include: – 100,000 truck journeys removed from London’s road every year thanks to our Thames river infrastructure; – Equivalent of 160,000 homes powered; – 230,000 tonnes of carbon saved by not sending waste to landfill; – 200,000 tonnes of ash recycled as road aggregate; – 10,000 tonnes of Air Pollution Control Residue recycled to create building blocks used in construction.
- For further information, please visit: http://www.coryenergy.com/