Wednesday, 4th May, 2022

Cory announces record year in 2021 Annual Report

Cory has published its 2021 Annual Report, which details its business strategy, operational performance, sustainability priorities, governance, and consolidated financial results.

In its 2021 operational performance, Cory diverted a record 782,000 tonnes of residual waste from landfill at its energy from waste (EfW) facility in Belvedere. This was the facility’s best operational performance since it was commissioned in 2011 and represented a 7% increase compared with 2020. This saved around 170,000 tonnes of CO2e from being released into the atmosphere, while producing 532 GWh of electricity, enough to power the equivalent of 160,000 homes. 170,000 tonnes of ash was turned into aggregate for construction.

Cory also saw strong performance across its recycling operations, sorting around 71,000 tonnes of recyclable waste at its Materials Recycling Facility in Wandsworth, with further recyclables processed through two Household Waste and Recycling Centres.

Financial performance was strong for the year, reflecting the record operational performance. The company generated £141.4 million in underlying revenue (2020: £129.4 million) and £73.6 million in EBITDA (2020: £62.5 million).

Ben Butler, CFO of Cory said:

I am pleased to report another year of strong operational and financial performance – we outperformed in every dimension with revenues, profits and distributions all exceeding my expectations. The performance reflects the hard work of our employees and is testament to the investments that we have made in the business over the last few years.”

We have also continued to invest in our exciting pipeline of development projects, which will add long-term value to the business as well as the communities we serve. During the year we invested £5 million to develop our projects, including our Riverside 2 facility to treat London’s residual waste, a heat network to make further use of the heat produced by our Riverside 1 facility, as well as commencing plans for an ambitious carbon capture project.

Commenting on the Annual Report, Dougie Sutherland, CEO of Cory said:

Although 2021 was affected by Covid-19, supply chain constraints, and inflationary pressures, it was also a year that showcased the quality of our people and the resilience of our business and markets. We pulled together and continued to deliver a quality and reliable service for our clients and communities.

2021 was our 125th anniversary of operating on the River Thames. We are proud of our history, which binds us, particularly in difficult times, and gives us confidence that we can cope with anything if we stand together, adapt and maximise the value of the River Thames. It was a very good year – it was our best year.

Read Cory’s Annual Report here.