WMI defies poor trading conditions to rise 26%
Tuesday 20 July 1993
WMI, which is the UK-quoted overseas arm of Waste Management of the US, said the result was achieved in spite of poor trading conditions in Europe. Turnover rose 20 per cent to pounds 234.9m and earnings per share were 22 per cent ahead at 6.7p.
Edwin Falkman, chief executive, said WMI was finding it difficult to make price rises stick because of pressure on volumes, particularly at treatment and disposal plants in France and Italy.
He added that the financial improvement reflected cost controls and the benefit from the 25 acquisitions made by the company this year.
Waste Management of the UK, bought by WMI from National Freight Corporation in a joint venture with Wessex Water, was being integrated.
Mr Falkman highlighted WMI's development in the Asia-Pacific region. Chris Patten, Governor of Hong Kong, last month opened a new chemical waste-treatment centre in the colony for the treatment of 100,000 tonnes of waste a year.
WMI is building the first industrial waste-treatment centre in Indonesia, and further landfill development is under way in Australia and New Zealand.
Despite the downturn in Europe, Mr Falkman said the company was still looking at potential acquiistions in the region. The shares, which were floated at 585p last April, yesterday eased 4p to 638p.
- 1 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 2 Have sex with your iPad thanks to the new sex toy no-one asked for
- 3 The 'sex selfie stick' lets you FaceTime the inside of a vagina
- 5 Why you're almost certainly more like your father than your mother
Out-of-touch MPs ‘don’t get it’, says ex-Civil Service chief
Mark Zuckerberg: Facebook CEO's one simple test for who to hire
Bali nine: Welcome to 'Execution Island' – the Indonesian holiday resort where foreigners are sent to die
'A girl is more responsible for rape than a boy': The statement that shocked the world... except India
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
iJobs Money & Business
£8 per hour: Recruitment Genius: This Pension Specialist was established early...
£30 - 35k + Bonus & Benefits: Guru Careers: We are seeking an Executive Assist...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...