Shanks reports strong full year, inks £750m contract

Shanks Group has reported a strong performance in its trading for the year ended 31 March 2012 by securing the 25-year contract worth in excess of £750m with Barnsley, Doncaster and Rotherham Councils earlier this week.

The recycling and energy recovery provider also continues its progress on achieving financial close on the Wakefield contract.

Shanks expects to deliver full-year results in line with its expectations as the balance sheet remains strong and the ratio of core net debt to EBITDA was estimated to be between 1.7 and 1.8 times.

The group is expected to release its full-year results for the year ended 31 March 2012 on May 17 2012. The group posted pre-tax earnings of £53.7m in the first half of the year, a 10 percent rise from the previous period. Revenue was up 14 percent to £398m.