Cleanaway Waste Management Limited reported substantial financial growth in FY24, driven by strategic acquisitions and operational efficiencies, positioning the company to meet ambitious mid-term financial goals.

Information on the Target

Cleanaway Waste Management Limited, listed on the ASX under the ticker CWY, reported a Statutory Net Profit of $158.2 million for the financial year ended June 30, 2024 (FY24), a significant increase from $23.5 million in FY23. The company also recorded an underlying Net Profit After Tax (NPAT) of $170.6 million, reflecting a growth rate of 14.8% compared to the previous year. This growth can be attributed to several strategic initiatives aimed at restoring profitability across various segments, most notably in their Queensland Solids and Health Services businesses.

In FY24, Cleanaway achieved strong revenue growth of 7.7%, reaching $3,194.5 million. This was accompanied by a remarkable underlying EBIT increase of 18.9%, totaling $359.2 million, driven by strong operational performance and benefits from management initiatives. The company continues to focus on its long-term strategy, Blueprint 2030, aimed at enhancing overall corporate performance and achieving ambitious mid-term financial targets.

Industry Overview in Australia

The waste management industry in Australia is witnessing significant growth, fueled by heightened awareness of environmental issues and government policies aimed at waste reduction. As consumers and businesses increasingly demand sustainable solutions, there is