Australia?s largest rubbish collector, Cleanaway Waste Management, has announced a 45.4% slide in net profit after tax to $80.6 million for FY22.
Cleanaway said the flood disruptions in Queensland and NSW caused a major dent along with leadership transition and equipment loss in the Health Services business.
?While Cleanaway is not immune to inflationary pressures, we do have mechanisms within many of our contracts that allow us to recoup rising costs over time, but there is a time lag on our ability to recover these amounts, which has resulted in a temporary impact on margins,? said Managing Director Mark Schuber.
Cleanaway share price won?t be trading this morning as it undertakes a $400 million capital raise. It has also announced an acquisition with Global Renewables Holdings Pty Ltd (GRL).