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Renewi Says Q3 Trading Very Strong; Upgrades FY22 Outlook

Renewi Plc (RWI.L), a waste-to-product company, Friday said its overall third-quarter trading has continued to be very strong, driven by continuing high recyclate prices.

Looking ahead for fiscal 2022, the company announced a further material upgrade to its expectations citing the continuing strong performance in the third quarter, supported by confidence that recyclate prices will continue to be robust in the fourth quarter.

In its trading update for the quarter, the company said the Commercial Waste Division has continued to perform very well. Recyclate prices have consistently traded at high levels compared to the prior year, more than offsetting softening volumes.

The Mineralz & Water Division performed in line with revised expectations. The Specialities Division also performed in line with expectations, with ongoing benefits from recyclate prices and a strong performance at Coolrec.

For the full year, the company now expects underlying EBIT to be at least 120 million euros, compared to last year's 73 million euros. Recyclate margins are expected to contribute around 40 million euros of additional EBIT for the full year compared to the prior year.

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