Renewi - So far, so good

The recent AGM update was consistent with FY18 commentary; guidance and our estimates are unchanged. Year-to-date progress is clearly visible in three divisions where market conditions appear to be favourable. In the fourth (Hazardous), new customer demand is successfully building; management’s expectation remains for this to start to be met during H2, subject to regulatory clearance. Flagged merger integration benefits for FY19 are as before. The intention to move to euro-based reporting with the H119 results is entirely logical and reflects the company’s primary source of profitability.