The Group’s performance in 2024 was excellent. Our operating performance and profitability surpassed expectations. And we continued to make significant progress with the construction of our Riverside 2 project, which is on course to complete in 2026.
Achievements like these are no coincidence. Our performance and progress in 2024 are a testament to the dedication and creativity of our employees throughout the company, along with the unwavering support from our suppliers and customers. Thank you all!
Ben Butler
Chief Financial Officer
Underlying revenue
£204.0 million
Waste revenues from EfW and recycling increased in the year due to an increase in waste volumes received as well as inflation on long-term contracted waste. This was offset by a reduction in RDF production in the year as the business was ramped down to allow the start of redevelopment at the Barking Waste Transfer Station as part of the Riverside 2 construction works. Electricity revenue was in line with 2023 – a substantial increase in volume exported was offset by a decrease in market electricity prices.
EBITDA
£85.2 million
EBITDA increased by 4.9 per cent compared with a 2.3 per cent increase in revenue. EBITDA margin increased due to a reduction in operating costs in particular at the Riverside 1 EfW due to lower repairs and maintenance costs, lower fuel and energy costs, and also a reduction in consumable chemical costs.
Non-recyclable waste diverted from landfill
916,000 tonnes
A reduction in waste volume in 2024 is due to a reduction in RDF waste produced as RDF operations at Barking were scaled back ahead of the redevelopment works at the site to deliver a new river transfer station for the Riverside 2 EfW. This was offset by an increase in waste processed by the Riverside 1 EfW.
Electricity
generated
576 GWh
Electricity generation increased by 21% compared to 2023, which was impacted by a 53-day disconnection of the EfW plant from the local electricity grid. In 2024, the plant generated 0.71 MWh per tonne of waste processed – broadly in line with 2022 and significantly above the 0.60 MWh per tonne achieved in 2023.
Recyclable waste sorted
64,000 tonnes
The volume of recyclable waste processed decreased by 11k tonnes compared with 2023 mainly due to a reduction in Barking MRF volumes affected by the Riverside 2 transfer station works. Comingled volumes at the Smugglers Way MRF increased by 2k tonnes compared to 2023.
Annual Report 2024
Download our 2024 Annual Report to explore how we're turning our vision into action.
Report archive
| Date | June 2023 |
|---|---|
| Title | GRI Content Index 2022 |
| Document | 57KB |
| Date | June 2023 |
| Title | 2022 Sustainability Report |
| Document | 13,656KB |
| Date | June 2023 |
| Title | 2022 Annual Report |
| Document | 16,005KB |
| Date | February 2023 |
| Title | Modern Slavery and Human Trafficking Statement 2022 |
| Document | 123KB |
| Date | January 2023 |
| Title | Gender Pay Gap Report 2021/2022 |
| Document | 253KB |
| Date | June 2023 |
|---|---|
| Title | 2021 Annual Report |
| Document | 4,586KB |
| Date | February 2023 |
| Title | Modern Slavery Statement 2021 |
| Document | 239KB |
| Date | September 2022 |
| Title | GRI Content Index 2021 |
| Document | 24KB |
| Date | August 2022 |
| Title | Sustainability Report 2021 |
| Document | 4,510KB |
| Date | February 2022 |
| Title | Gender Pay Gap Report 2020/21 |
| Document | 247KB |
| Date | December 2021 |
| Title | Cory GRI Content Index |
| Document | 24KB |
| Date | December 2021 |
| Title | Sustainability Report 2020/21 |
| Document | 13,272KB |
| Date | May 2021 |
| Title | Annual Review 2020 |
| Document | 21,058KB |
| Date | February 2021 |
| Title | Modern Slavery Statement |
| Document | 164KB |
| Date | December 2020 |
| Title | Cory Riverside Energy Factsheet |
| Document | 836KB |
| Date | December 2020 |
| Title | CRE Green Financing Framework and DNV Assessment |
| Document | 707KB |
| Date | November 2020 |
| Title | Gender Pay Gap Report 2019 / 20 |
| Document | 258KB |
| Date | October 2020 |
| Title | GRI Assessment 2018 |
| Document | 450KB |
| Date | September 2020 |
| Title | Annual Review 2019 |
| Document | 19,920KB |
| Date | July 2020 |
| Title | Modern Slavery Statement 2019 |
| Document | 96KB |
| Date | June 2020 |
| Title | Materiality Assessment |
| Document | 1,615KB |
| Date | September 2019 |
| Title | Sustainability Report 2018 |
| Document | 4,080KB |
| Date | September 2019 |
| Title | Gender Pay Gap Report 2018 / 19 |
| Document | 675KB |
| Date | May 2019 |
| Title | GRI Assessment 2018 |
| Document | 450KB |
| Date | March 2019 |
| Title | Gender Pay Gap Report 2017 / 18 |
| Document | 283KB |
| Date | February 2019 |
| Title | Modern Slavery and Human Trafficking Statement 2018 |
| Document | 141KB |
| Date | October 2018 |
| Title | Follow-up to Submission to HM Treasury Plastic Consultation |
| Document | 265KB |
| Date | October 2018 |
| Title | A response to UKWIN's Climate Change Impacts Report |
| Document | 455KB |
| Date | August 2018 |
| Title | The River Thames: An Untapped Asset |
| Document | 7,148KB |
| Date | March 2018 |
| Title | Gender Pay Gap Report 2016 / 2017 |
| Document | 210KB |
| Date | January 2018 |
| Title | Carbon Report |
| Document | 9,691KB |
| Date | April 2017 |
| Title | ESAET Rethinking Waste Crime |
| Document | 6,131KB |
| Date | March 2017 |
| Title | Modern Slavery and Human Trafficking Statement 2017 |
| Document | 269KB |
| Date | March 2016 |
| Title | Modern Slavery and Human Trafficking Statement 2016 |
| Document | 190KB |
