Shanks swings to an annual loss

Waste and recycling group Shanks has swung to a full-year pre-tax loss of £35.5m due to a string of one-off costs and a seven per cent fall in revenues. Chief executive Peter Dilnot, who has rejigged the business since starting in early 2012, said “it is hard to call if we have ‘reached the bottom’ or when we will do so”, amid prolonged recessions in Europe that have dented waste management volumes.