A British waste manager is about to leave the United Kingdom.
Renewi, whose history dates back to Scottish construction company Shanks & McEwan, founded in 1880, has handed over its municipal division to Biffa for £131m to focus on Europe’s recycling markets.
It will continue to market in the Netherlands, Belgium, France and Portugal.
Chief executive Otto de Bont called the sale a “transformative milestone” and its share price rose 1 per cent, or 6p, to 639p.
The announcement came alongside annual results which showed revenue fell slightly to £1.44bn in the 12 months to 31 March.
Dumped: Waste management company Renewi, which dates back to Scottish construction firm Shanks & McEwan founded in 1880, has handed over its municipal division to Biffa for £131m.
Renewi was formed in 2017 following the merger of Shanks and Dutch firm Van Gansewinkel. In September, the London-listed company rejected a £636m takeover bid.
It said its UK business remains a “significant liquidity drag” and has cost it £24m over the two years.
The FTSE 100 rose 0.6 per cent, or 47.98 points, to 8,231.05 and the FTSE 250 rose 1.2 per cent, or 234.53 points, to 20,670.87.
US chipmaker Nvidia is now worth more than the entire FTSE 100 as the tech giant cashes in on growing demand for artificial intelligence. Its market value reached £2.2bn yesterday, surpassing the £2.1bn of all blue-chip companies combined.
Electronics retailer Currys rose 7.2 per cent, or 5.15p, to 76.6p after analysts at Berenberg upgraded its rating. It came just two weeks after the company said its sales are growing again.
Asset manager Premier Miton rose 7.1 per cent, or 5.5p, to 72.5p, as clients continued to withdraw money from funds.
Stock Watch: Impact of TPX
Business consultancy TPX Impact jumped 33.9 per cent, or 11p, to 43.5p after a strong financial year.
The company, which created a digital dashboard for the UK’s Health Security Agency to publish data on Covid during the pandemic, expects revenue to rise more than 20 per cent to around £84m in the 12 months to the end of March .
Debt fell to around £7m, the lowest level for more than three years.
Net outflows rose to £46m in the first half to March 31, up from £32m a year earlier.
Property company London Metric sold seven properties for £31.3m and bought six warehouses for £45m. The shares added 2.9 per cent, or 5.8 pence, to 204.4 pence.
North Sea producer Enquest rose 8.7 per cent, or 1.28 pence, to 16 pence after its output was higher than expected in the first four months of the year.
Rajiv Sharma will step down as chief executive of yarn maker Coats after eight years and will be replaced by former GKN Aerospace boss David Paja.
Coats added 1.5 per cent, or 1.3p, to 86.6p. Small- and mid-cap investor Kelso Group (up 1.7 percent, or 0.05 pence, to 3 pence), which owns shares in four London-listed companies, said it expects UK shares to remain increasing in value.
Virgin Wines outlined plans for a share buyback worth more than £360,000 and rose 6.7 per cent, or 3p, to 48p.
Sales at news publisher National World, which is behind titles such as The Scotsman and The Yorkshire Post, soared 18 per cent to £39.5m in the 21 weeks to May 25, lifting it 8.9 per cent, or 1.25 pence, to 15.25 pence.
Low-sodium salt company Microsalt, which listed on AIM in February, reported a loss of £2.7 million in 2023, down from £2 million a year earlier, and plunged 12.7 percent. cent, or 13p, to 89.5p.
Molecular diagnostics company Novacyt sank 15.9 per cent, or 10.6p, to 56p on lower demand for Covid tests. Revenue fell 45 per cent to £11.6 million in 2023, while its losses rose from £20 million to £28.6 million.