As we expected the restrictions imposed to control the Covid-19 pandemic have had a profound impact on London’s economy, and they have placed a significant strain on our business. However, whilst 2020 was an incredibly tough year, I am pleased that our business has proven itself to be every bit as resilient, enterprising and adaptable as I believed it to be at the start of the pandemic.
Chief Financial Officer
Key performance indicators
Content sources from the 2020 Annual Review available here:
Underlying revenue decreased by 6 per cent during the year. A reduction in revenue was anticipated in order to accommodate major planned maintenance during the year. There was a strong demand for our services and revenues were 2 per cent higher than our budget for the year despite a significant reduction in commercial waste volumes in London during the Covid pandemic.
EBITDA reduced by 6 per cent during the year as a direct result of planned maintenance. EBITDA was 4 per cent higher than our budget for the year as demand for our services remained high throughout the Covid pandemic.
Cash flow available for debt service
The Group managed cashflows well during the year with CFADS 3.4x the cost of debt service. CFADS were 9 per cent lower than 2019 due to a reduction in operating profits as a result of major maintenance work in the year as a well as a £9.6m increase in capital expenditure.
Average number of employees
The Group’s operations in London employed 314 people in 2020. As a result of careful planning the Business was able to continue to operate its critical service safely throughout the Covid pandemic. The Group did not make use of the Government’s furlough scheme.
Riverside EfW throughput
The Riverside plant throughput was 1 per cent lower than 2019 as a result of major maintenance. As a result of planned maintenance works plant availability was 85% during the year compared with >92% that would be expected in a usual year. The plant performed well during the year and processed 1% more waste than budgeted.
Annual Review 2020
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|Title||Cory Riverside Energy Factsheet|
|Title||Gender Pay Gap Report 2019 / 20|
|Title||Annual Review 2019|
|Title||Modern Slavery Statement 2019|
|Title||Cory Riverside Energy Tax Strategy|
|Title||Sustainability Report 2018|
|Title||Gender Pay Gap Report 2018 / 19|
|Title||GRI Assessment 2018|
|Title||Gender Pay Gap Report 2017 / 18|
|Title||Modern Slavery and Human Trafficking Statement 2018|
|Title||CRE Green Financing Framework and DNV Assessment|
|Title||GRI Assessment 2018|
|Title||Follow-up to Submission to HM Treasury Plastic Consultation|
|Title||A response to UKWIN's Climate Change Impacts Report|
|Title||The River Thames: An Untapped Asset|
|Title||Gender Pay Gap Report 2016 / 2017|
|Title||ESAET Rethinking Waste Crime|
|Title||Modern Slavery and Human Trafficking Statement 2017|
|Title||Modern Slavery and Human Trafficking Statement 2016|