Bingo announces full-year results

Bingo Industries' full-year revenue up 32.4 per cent to $402.2 million.

Bingo Industries has announced its full-year results for the 12-months ended 30 June 2019, with net revenue up 32.4 per cent to $402.2 million and underlying EBITDA up 13.2 per cent to $106.1 million.

Bingo completed its acquisition of Dial-A-Dump Industries (DADI) during the year, which the waste management services provider said is on track to deliver annualised cost synergies of $15 million over two years from FY20. The company also invested more than $20 million in the redevelopment of its West Melbourne Recycling Centre.

Bingo managing director and CEO, Daniel Tartak, said the Bingo business, excluding DADI, performed broadly in-line with the prior financial year, in what was flagged as a transitional year for the business.

“The acquisition of DADI has materially changed our business and we’ve made great progress since completion, integrating DADI into our operations,” Tartak said.

“The contribution from DADI since the completion of the acquisition was in-line with expectations. The asset base we’ve secured through the acquisition will help transform our business for many years to come, while supporting our vision for a waste-free Australia.

“We have largely completed the development program we announced soon after our IPO in 2017 and are well progressed in reconfiguring our network to optimise its performance.”

Bingo’s network capacity target of 3.4 million tonnes per annum exceeded in FY19 following completion of its development program and acquisition of DADI.

Bingo’s network reconfiguration plan is expected to return $80 million through the sale of non-core assets and Banksmeadow in FY20.

“We’ve had more than two years of constant activity and investment since our IPO and we now expect to start reaping the financial benefits,” said Tartak.

“We’ll begin to see the positive cash flow impacts from Patons Lane, West Melbourne and a full year run-rate of DADI in FY20.

“With this in mind, we expect to see our EBITDA margins return towards our long-term target and our return on capital employed (ROCE) to steadily improve. Given the changing nature of our asset base, we are targeting a blended Group ROCE of 15 per cent over the medium-term, including land assets.”

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