Shanks units hit by slowing trade amid gloomy economy in some

City A.M. Reporter
SHANKS yesterday warned that the tough economic climate had hit some sections of its business.

In particular, the company said that its solid waste section was suffering.

Chief executive Peter Dilnot said: “While market conditions continue to be challenging, particularly in our Solid Waste businesses, our organics, UK municipal and hazardous waste businesses are performing well.

“We remain focused on taking the necessary actions to offset these headwinds through delivering returns from our strategic investment programme and driving operational improvements across the group.

Dilnot said that the business had been reorganised to align it with its core activities, as well as deliver synergies.

“In parallel, we are accelerating actions on improving productivity and minimising back office costs. Assuming market conditions do not deteriorate further, we expect to deliver a robust performance this year and strong growth once market conditions improve,” he added.

Shanks said it remained on track for the 2012/13 financial year, with underlying trading set to be in line with current expectations.