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.
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.”