Norse Environmental Waste Services (NEWS) has said the £2.8 million loss it made in the 2018/19 financial year was down to “a significant reduction in revenue gained from the sale of materials”.
Part of the local authority owned Norse Group, NEWS posted a loss of £2,828,270 for the 2018/19 financial year, which was put down to a “significant reduction” in revenue gained from the sale of material.
NEWS sells kerbside recyclable material on behalf of the seven councils in the Norfolk Waste Partnership
This compares with a loss of £555,550 after tax for the financial year ending April 2018.
NEWS sells recyclable material on behalf of the seven councils in the Norfolk Waste Partnership. Kerbside collected material in Norfolk is sent to Norse’s MRF on the outskirts of Norwich.
A spokesperson from Norse said: “The losses within the NEWS operation (part of the Norse Group) are primarily due to a significant reduction in revenue gained from the sale of materials, resulting from the recent global challenges in commodities markets.
“The company continues to work collaboratively with its seven borough, city and district council joint venture partners in Norfolk to assess and mitigate where possible, the financial challenges to all parties within its Materials Recycling Facility contract.”
Norfolk
NEWS is a subsidiary of the local authority owned company Norse Group, which says it provides over £41 million a year’s worth of waste collection, management and recycling services around the Norfolk region through Norse Commercial Services.
In total, the Joint Venture operations collect over 87.4k tonnes of residential residual waste in Norfolk, processing 71k tonnes of recyclable residential waste and a total of nearly 10k tonnes of mixed trade waste every year.
“The losses within the NEWS operation are primarily due to a significant reduction in revenue gained from the sale of materials”
In Norfolk, four separate waste streams are collected from source-segregated bins in Norfolk: DMR (dry mixed recyclables) general waste, food and glass.
“All but general waste goes to the recycling markets via the Norse Environmental Waste Solutions materials recycling facility on the outskirts of Norwich”, the company said.
Group
Last month, NEWS also announced the appointment of Justin Galliford as chief operating officer, replacing Mark Emms.
Commenting on this, a spokesperson said: “This is a routine change for the board of Norse Environmental Waste Services Justin Galliford is Chief Operating Officer of Norse Commercial Services and a member of our Senior Executive Team.”
The wider Norse Group runs a number of “jointly owned operating companies”, which it says replace traditional client/contractor relationships.
This includes in Barnsley, Enfield, Newport and Devon, according to the Norse website.
The wider Norse Group made a loss of £636,796 in their latest results for the 2018/19 financial year, published in October 2019.
The post Hit to recyclate income sees Norse losses appeared first on letsrecycle.com.
Source: letsrecycle.com Waste Managment
