Renewi plc (GB:RWI) has released an update.
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Renewi plc has announced the sale of its UK Municipal division to Biffa Limited, marking a strategic move to focus on expanding in Europe’s recycling markets and improving financial metrics such as cash flow and EBIT margin. The divestment is expected to immediately benefit Renewi’s financial position by freeing up cash and reducing debt, with a target leverage ratio in the medium term. Despite some challenges in the market, the company has made progress on its commitments to shareholders, including portfolio optimization and margin improvement.
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