2022 was a landmark year for the Group. Whilst continuing to deliver operational excellence with its existing assets in London, the Group also made a significant acquisition in East London and reached financial close on our Riverside 2 energy from waste project, which has essentially doubled the scale of the Group. Cory’s river-based business model is unique in the UK, and I am proud of our teams across the business who have all played a part in securing this vital new infrastructure for our capital city and its surrounds.
Ben Butler
Chief Financial Officer
Underlying revenue
£181.8 million
Revenue increased by 30.8% compared with 2021 as a result of the addition of £21.7m of revenue from the Barking operations aquired at the start of the year. Like-for-like revenue is £161.1m (+15%) due to strong revenue growth through increased processing and higher electricity prices. Average gate fee prices increased by 4.7% compared with 2021.
Underlying
EBITDA
£82.5 million
EBITDA increased by 12.2% compared with 2021 as a result of additional electricity revenue, additional waste volumes received and an increase in gate fees. Like-for-like operational costs increased by 7% compared with 2021, mainly as a result of higher energy input costs.
Non-recyclable waste diverted from landfill
969,000 tonnes
Processing at Riverside 1 has increased by 7kt from the prior year. A further 180kt of non-recyclable waste has been processed at the newly-acquired Barking facility.
Electricity generated
565 GWh
Electricity generated increased by 6.2% on 2021. This was due to an increase in the efficiency of the plant with 0.72MWh of electricity generated from each tonne of waste processed compared with 0.68MWh in 2021 (+5.9%). The volume of waste processed by the Riverside 1 EfW plant also increased (+1.0%), which contributed to the volume of electricity exported.
Recyclable waste sorted
77,000 tonnes
The volume of recyclable waste processed increased by 6kt compared with 2021, due to the addition of Barking recycling operations.
Annual Report 2022
Download our 2022 Annual Report to explore how we're powering positive change.
Report archive
| Date | June 2023 |
|---|---|
| Title | 2021 Annual Report |
| Document | 4,586KB |
| Date | February 2023 |
| Title | Modern Slavery Statement 2021 |
| Document | 239KB |
| Date | September 2022 |
| Title | GRI Content Index 2021 |
| Document | 24KB |
| Date | August 2022 |
| Title | Sustainability Report 2021 |
| Document | 4,510KB |
| Date | February 2022 |
| Title | Gender Pay Gap Report 2020/21 |
| Document | 247KB |
| Date | December 2021 |
|---|---|
| Title | Sustainability Report 2020/21 |
| Document | 13,272KB |
| Date | December 2021 |
| Title | Cory GRI Content Index |
| Document | 24KB |
| Date | May 2021 |
| Title | Annual Review 2020 |
| Document | 21,058KB |
| Date | February 2021 |
| Title | Modern Slavery Statement |
| Document | 164KB |
| Date | December 2020 |
| Title | Cory Riverside Energy Factsheet |
| Document | 836KB |
| Date | December 2020 |
| Title | CRE Green Financing Framework and DNV Assessment |
| Document | 707KB |
| Date | November 2020 |
| Title | Gender Pay Gap Report 2019 / 20 |
| Document | 258KB |
| Date | October 2020 |
| Title | GRI Assessment 2018 |
| Document | 450KB |
| Date | September 2020 |
| Title | Annual Review 2019 |
| Document | 19,920KB |
| Date | July 2020 |
| Title | Modern Slavery Statement 2019 |
| Document | 96KB |
| Date | June 2020 |
| Title | Materiality Assessment |
| Document | 1,615KB |
| Date | September 2019 |
| Title | Sustainability Report 2018 |
| Document | 4,080KB |
| Date | September 2019 |
| Title | Gender Pay Gap Report 2018 / 19 |
| Document | 675KB |
| Date | May 2019 |
| Title | GRI Assessment 2018 |
| Document | 450KB |
| Date | March 2019 |
| Title | Gender Pay Gap Report 2017 / 18 |
| Document | 283KB |
| Date | February 2019 |
| Title | Modern Slavery and Human Trafficking Statement 2018 |
| Document | 141KB |
| Date | October 2018 |
| Title | Follow-up to Submission to HM Treasury Plastic Consultation |
| Document | 265KB |
| Date | October 2018 |
| Title | A response to UKWIN's Climate Change Impacts Report |
| Document | 455KB |
| Date | August 2018 |
| Title | The River Thames: An Untapped Asset |
| Document | 7,148KB |
| Date | March 2018 |
| Title | Gender Pay Gap Report 2016 / 2017 |
| Document | 210KB |
| Date | January 2018 |
| Title | Carbon Report |
| Document | 9,691KB |
| Date | April 2017 |
| Title | ESAET Rethinking Waste Crime |
| Document | 6,131KB |
| Date | March 2017 |
| Title | Modern Slavery and Human Trafficking Statement 2017 |
| Document | 269KB |
| Date | March 2016 |
| Title | Modern Slavery and Human Trafficking Statement 2016 |
| Document | 190KB |
