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.

Ben Butler
Chief Financial Officer


Key performance indicators

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Underlying revenue

 £129.4 million

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.

Underlying
EBITDA

£62.5 million

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

£63.0 million

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

314

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

731,000 tonnes

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.

Cory_Annual_Review_2020_thumb_720x1032.jpg
Annual Review 2020

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Report archive

Date June 2021
Title Cory Tax Strategy
Document 87KB
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 November 2020
Title Gender Pay Gap Report 2019 / 20
Document 258KB
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 January 2020
Title Cory Riverside Energy Tax Strategy
Document 128KB
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 December 2020
Title CRE Green Financing Framework and DNV Assessment
Document 707KB
Date October 2020
Title GRI Assessment 2018
Document 450KB
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