Cory Riverside Energy has published its annual review for 2019, in which it reports “strong performance” across its recycling operations.
The report, published earlier this month (4 August), details the company’s business strategy, operational performance and sustainability priorities in 2019.
The report is the company’s first annual review
Cory reported that it saw “strong financial performance”, with an increase in volume of residual waste processed and an increase in underlying revenue.
The company also reported that it generated £138.1m in revenue compared to £123.6m in 2018, and £66.8m in profit before tax, compared with £61.1m in 2018.
Dougie Sutherland, chief executive of Cory Riverside Energy, said: “Cory has shown resilience and the ability to adapt to the changing needs of London. Whilst 2020 has brought new global challenges too, I am proud that the Cory team has continued to deliver essential services through the current pandemic and mitigate against any impact to our operations.
“I am excited about the future for Cory as we have plans to deliver over £800 million investment into new projects particularly at a time when London needs investment in the economy and in new jobs.
“I am focused on growing the business while reducing our impact on the environment. Our plans include: the development of the Riverside Heat Network providing heat for up to 26,000 homes in Thamesmead; Riverside Energy Park – our new energy recovery facility; and in new river infrastructure so that we can take more lorries of London’s congested roads making London cleaner and safer. Cory’s future is very bright as we ensure that there is no waste from waste.”
The review’s key performance indicators for the year
Facilities
The report showed that Cory’s Energy from Waste (EfW) facility in Belvedere produced 304MWh of energy in 2019, which was “enough to power over 932,000 homes”.This made 2019 one of the best since the plants commissioning in 2011, the company said.
Cory added that it processed 69,000 tonnes of recyclable waste at its Materials Recycling Facility (MRF) in Wandsworth, South West London, and more at other two facilities it runs in the capital.
An artists impression of Cory’s Riverside facility and the proposed REP next to it
Covid-19
The company said that it has been “operationally resilient and financially robust” despite the covid-19 pandemic, amidst “prolonged financial shock”, however it will remain to be a concern to the board for the foreseeable future.
It added that following relief in London air pollution due to the lockdown, this “strengthens” Cory’s position due to its river operations reducing truck movements on London’s road.
In 2019, the Riverside EfW facility operated within regulated limits, and is “continuing to invest in its operational performance to maintain this.”
Chief financial officer Ben Butler added: “The business is well-positioned for future success. A high proportion of future revenues are already contracted, with two-thirds of revenues projected over the next five years coming from existing contracts.”
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Source: letsrecycle.com Waste Managment
