Fleet-owning waste and recycling firm Toxfree has released its first half financial year results, citing an expected growth in the industrial, resources, health and infrastructure sectors.
In its report, the company noted those companies were expected to grow at a higher rate than the rest of the market, alongside a requirement for specialised technologies, intellectual property and operating licences providing high barriers to entry.
By 2021, the company said the total market is expected to grow by 12 per cent to $17.7Bn, with Toxfree’s target segments anticipated to grow at a higher rate of 15 per cent due to a number of market, environmental and regulatory drivers.
The report explains growth in the health waste sector continues to increase due to an ageing population and increased spending, while increased cost and regulation of landfill is driving the industrial waste sector.
Growth in liquified natural gas, iron ore and coal was attributed to the predicted increase in resources, while population and metropolitan growth will lead to increase government spending in infrastructure.
“Toxfree’s objective is to grow our market share from 11 per cent currently to 17 per cent by 2021 by focusing on our four target markets and moving to a leaders leadership position in each one,” the company wrote.
The areas included the industrial, resources, health and infrastructure waste sectors, construction, municipal and commercial and government waste.
The firm recorded a net profit down 54 per cent to $5.9 million, with much of the reduction related to costs involved in purchasing Worth Recycling and Daniels Health Australia.