Renewi - In-line trading update

Having reported good progress in the seasonally stronger H1, Renewi’s latest update for H2 to date reaffirms management expectations for the year. Importantly, the merger integration programme is very much on track and the next significant phases are underway. A UK Municipal contract review has been flagged, but our estimates are unchanged in all respects ahead of more detailed year-end update commentary. Share price weakness has brought forward valuation attractions, in our view.