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Veolia Grows Despite Slow UK Economy

Veolia reports growth in “unfavourable” economy

The French utilities company which owns Veolia Environmental Services UK has posted strong financial results for 2007 – despite “unfavourable” market conditions.

Veolia Environnement has reported that in the year up until December 31 2007, its global revenue increased by 14% – from the equivalent of £21.7 billion in 2006 to £24.7 billion in 2007.

In the same period, the company’s net income grew 22.3% – from the equivalent of £584 million in 2006 to £705.9million million Euros in 2007.

In the company’s waste division – which is the second waste management player in the world- operating income meanwhile increased by 23.9% to the equivalent of £610.9 million in 2007.

Veolia Environnement put the growth down to “strategic choices” by the company and by its focus on long-term contacts within a wide geographical area.

In the UK, the company paid particular credit to the performance of its integrated waste management contracts and to winning a long-term PFI contract with Shropshire (see letsrecycle.com story).

It also recognised the successful consolidation of Cleanaway into Veolia, after the company was taken over in 2006 (see letsrecycle.com story) and to the acquisition of German waste giant Sulo.

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