Waste management group Veolia has seen a 30% jump in revenue from plastics recycling, according to its first half results.
The French water and waste group said growth of its new businesses has been “very strong” in the first half, particularly hazardous waste, up 13%, as well as plastic recycling, up 30%.
It said it will now target bigger acquisitions in these two area from next year.
Veolia’s revenue from plastics recycling will bring in €400 million to €450 million (about $470 million) this year, up from just €50 million a few years ago, and could top 1 billion euros by 2025, the group said.
Antoine Frérot, Veolia’s chairman and CEO said: “The first half of 2019 activity and results are fully in line with our sustained and profitable growth trajectory.
The commercial momentum has remained very solid. Growth of our new businesses has been very strong, particularly hazardous waste, up 13%, as well as plastic recycling, up 30%
“Veolia has achieved strong revenue growth in all of its geographies, an evidence of the pertinence and coherence of our choices, of our capacity to capture the best opportunities for profitable growth.
“The commercial momentum has remained very solid. Growth of our new businesses has been very strong, particularly hazardous waste, up 13%, as well as plastic recycling, up 30%.
“Results also progressed at a very good rhythm, driven by sales growth and by cost reduction efforts achieved in the first semester, ahead of the annual objective, thanks to numerous operational efficiency and synergy actions.
“These strong first half results allow us to confirm all our objectives for the full year and to prepare our new 2020-2023 strategic plan, with a great confidence in the Group’s capacity to continue to achieve a solid, profitable and sustainable growth.”