Sustainability paying off for Reconomy
13 July 2023
British circular economy specialist Reconomy Group’s second group-wide sustainability report has announced that the company more than doubled its revenues between 2020 and 2022.
Reconomy has increased the amount of waste it diverts from landfill up to 97.5%. (PHOTO: Reconomy)
It reported revenues of more than £1 billion (US$1.3 billion) for last year, compared to £490 million ($639 million) two years earlier, and said it has made substantial progress against its stated targets, in many cases exceeding those aims.
A total of £123 million ($160 million) was spent on procuring from SMEs in 2022, which contributed to an overall total exceeding £500 million ($650 million) in local, social and economic value created since 2018. Reconomy has also funded 86 apprenticeships and 60 internships.
On its environmental commitments, Reconomy now diverts 97.5% (up from 96% in 2021) of the waste managed through its operations away from landfill.
It has also reduced its full-scope carbon intensity by 13% representing positive progress given its growth in operations and 67% of its electricity comes from renewable sources meaning the business is on track to use 100% of its electricity through renewable sources by 2028.
Group chief executive Gay Wakeley, said: “Our second group-wide Annual Sustainability Report demonstrates strong progress against our stated objectives and we are pleased to announce the successful completion of many of these goals.”
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