WasteCo reports 22% revenue increase, net loss

Waste management company, WasteCo Group, has announced its half-year results for the six months ended 30 September 2023.

The company reported a 22% increase in revenue to $20.8 million compared to the same period last year.

This growth was attributed to other income and business acquisition gains of $1.7 million.

However, despite the strong revenue, WasteCo recorded a net loss after tax of $1.1 million.

The loss was primarily due to one-off costs, including capital raising expenses, due diligence expenses related to business acquisitions, and facility and operations upgrades.

The company remains confident in its underlying strength and has implemented cost and revenue changes to improve profitability.

WasteCo expects to return to profitability in the second half of the financial year.

The company recently made two significant business acquisitions in Southland and Central Otago, which are expected to contribute to its growth.

WasteCo is also undergoing a review of its organisational structure and management team and is recruiting a new CEO.

The company has invested heavily in systems and secured additional contracted revenue.

Looking ahead, WasteCo is well-positioned for continued growth and expects to achieve an EBITDA result in the range of $4.0 million to $4.5 million for the second half of FY24.