BINGO announces financial year results

BINGO announces financial year results

BINGO Industries has announced its financial year results, with net revenue up by 32.4 per cent to $402.2 million and underlying earnings before interest, tax, depreciation and amortisation (EBITDA) up by 13.2 per cent to $106.1 million.

BINGO Managing Director and Chief Executive Officer Daniel Tartak said business performed broadly in-line with the prior financial year, in what was flagged as a transitional year for the business following its Dial A Dump (DADI) acquisition.

“The acquisition of DADI has materially changed our business, and we’ve made great progress since integrating DADI into our operations,” Mr Tartak said.

“The contribution from DADI since the completion of the acquisition was in-line with expectations. The asset base we’ve secured through the acquisition will help transform our business for many years to come, while supporting our vision for a waste-free Australia.”

Collections revenue was up 20.7 per cent to $213.5 million, which Mr Tartak said was largely driven by a full year contribution of the Victorian business and a partial year contribution of DADI collections revenue.

“Our Post-Collections infrastructure assets now account for approximately 63 per cent of our EBITDA and continue to support the repositioning of the business,” Mr Tartak said.

“We’ve had more than two years of constant activity and investment since our IPO and we now expect to start reaping the financial benefits. We’ll begin to see the positive cash flow impacts from Patons Lane, West Melbourne and a full year run-rate of DADI in FY20.”

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