Recycling Lives boosts turnover to £75m
National waste management group Recycling Lives has once again posted a significant rise in turnover, increasing its sales for the third year running to more than £75 million in 2017/18.
Having made sales of £46.5 million in 2016/17 and £31.7 million in 2015/16, the latest results show that annual turnover has more than doubled in the last two years, rising 61 per cent, while EBITDA (earnings before tax, depreciation and amortisation) increased by 76 per cent to £10.8 million.
The financial results have been welcomed enthusiastically by the group after having invested millions in new infrastructure and staff – the company opened four new recycling sites and grew its staff team by 51 per cent in 2017/18.
Recycling Lives brings a unique offering to the UK’s waste management ecosystem. It primarily offers recycling of scrap metals, scrap cars, general waste and waste electrical and electronic equipment (WEEE) to clients such as BT, British Gas and John Lewis, as well as local authorities.
It also combines its commercial operations with charitable programmes that reduce reoffending by rehabilitating offenders, reduce welfare dependency by supporting the homeless and feed communities by redistributing surplus food to charitable groups.
These charitable programmes delivered an estimated social value (generated through savings for the taxpayer) of £8 million in 2017/18, exceeding Recycling Lives’ ambition to generate social value equal to or in excess of 10 per cent of its annual sales. The past year was one of expansion for the group’s social programmes, with its offender rehabilitation programme opening in three new prisons while its food redistribution programme opened two new local collection points in Cumbria.
And Recycling Lives’ work has not gone unrecognised, with the group winning a number of awards in 2018, including a Responsible Business Award for Outstanding Employment from Business in the Community (BITC), as well earning its third Queen’s Award for International Trade.
Commenting on the company’s performance, William Fletcher, Recycling Lives Group Chief Executive, said: “We’re really proud to share our latest annual accounts, showing our ongoing growth which is fuelled by our unique model combining business and charity.
“For every commercial contract we deliver we also create social impact. Each of our businesses support the delivery of our social programmes, allowing our clients to report real social value, as well as environmental and financial value, from their contracts with us.”