An improved business performance and stock value has led to Cleanaway winning at the Turnaround of the Year Awards.
Australia’s largest waste management company won the large company category in the national Turnaround awards in recognition of its strong operating and financial performance for 2016, presented at a ceremony last Thursday (15 September).
Over the 2016 financial year, Cleanaway increased revenue, profits and operating cash flow, which contributed to it being one of the best performing stocks on the ASX for the August 2016 results season.
Commenting on the accolade, CEO Vik Bansal said: “Winning this award is recognition of the hard work and commitment of the whole Cleanaway team.”
Following his appointment as CEO in July 2015, Vik Bansal oversaw a comprehensive review across the entire organisation, leading to the gradual and sustained improvement across a range of strategic and operational metrics.
“The focus was on re-setting the business for success with a clearly-defined strategy and an achievable action plan,” added Mr Bansal.
Key milestones included bringing the company together under a new name and single brand, refining and realigning the business under a more effective operating model, and establishing strong capital and cost disciplines. It was also about accelerating and re-focusing our growth initiatives and customer service, and ensuring clear accountabilities for our senior leadership to enable improved performance.