Vik Bansal

Cleanaway appoints new CFO

Cleanaway Waste Management has announced the appointment of Paul Binfield as Chief Financial Officer, following the retirement of Brendan Gill.

Gill joined Cleanaway as CFO in late 2014, and according to an ASX statement, leaves the company with a healthy balance sheet.

“His focus on getting the company through the legacy landfill remediation issues will be accretive to our cash flows in years to come,” the statement reads.

Binfield, who currently serves as CFO of Nufarm Limited, will take over the role from February 2021.

Cleanaway CEO and Managing Director Vik Bansal said while he is disappointed Gill made the decision to retire, he is excited for Binfield to join the company.

“I look forward to his leadership and contribution as we embark on phase two of our Footprint 2025 strategy,” Bansal said.

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Cleanaway forecast remains in line with FY20 earnings guidance

In a statement to the ASX in March, Cleanaway assured stakeholders it has not seen any material change in volumes across any of its operating segments to date.

Cleanaway’s current financial performance for FY20 remains in line with its internal forecasts and FY20 earnings guidance, it said. However, the impact of COVID-19 means Cleanaway considered it prudent to suspend its earning guidance.

Cleanaway Managing Director Vik Bansal said the company has not observed any decline in overall trading in any of its operating segments to date.

He said that however, as the COVID-19 situation evolves, Cleanaway expect the SME part of its C&I waste volumes to be impacted.

“At this stage, we expect the demand for other services, such as health, municipal collections and related post-collections services to remain strong,” Mr Bansal said.

“Cleanaway provides a range of essential services to a diverse customer base which includes municipal councils, government infrastructure, hospitals, resources, manufacturing, commercial and industrial customers.

“We are taking measures to help ensure the safety and welfare of our employees and customers and we remain confident in the resilience of our business.”

Following the collapse of SKM Recycling Group, Cleanaway Waste Management acquired the senior secured debt in the group for around $60 million, with the exception of its glass recovery services business. This includes the property, plant and equipment from a network of five recycling sites, comprising three materials recovery facilities (MRFs), a transfer station in Victoria and a MRF in Tasmania. SKM also has two sites in South Australia.

Cleanaway’s Footprint 2025 strategy went from strength to strength as Cleanaway in October announced a joint venture with Macquarie Capital’s Green Investment Group to develop a waste-to-energy (WtE) project in Western Sydney.

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