Bingo Industries Announced the Resignation of Ronald Chio as (Joint) Company Secretary

  • Jan 21, 2019 AEDT
  • Team Kalkine
Bingo Industries Announced the Resignation of Ronald Chio as (Joint) Company Secretary

Australian waste management company, Bingo Industries Limited (ASX: BIN) today (21 January 2019) announced the resignation of Mr. Ronald Chio from the role of (Joint) Company Secretary of Bingo. As per the announcement, Ms. Rozanna Lee will remain as Company Secretary of Bingo with an additional appointment to be made in due course.

Recently, the company announced that it has offered an undertaking to the Australian Competition and Consumer Commission (ACCC) to divest its waste processing facility in Banksmeadow to address an ACCC preliminary concern regarding the Company’s proposed acquisition of Dial A Dump Industries (DADI). As per the company’s Managing Director and Chief Executive Officer, Daniel Tartak, the management of the company believes that this acquisition is inherently pro-competitive as it enables the company to more readily compete against the larger national and international players in the industry.

In FY 2018, Bingo achieved year-on-year revenue growth of 44.5 percent to $303.8 million. Further, the company reported 46.0 percent year-on-year growth in pro forma EBITDA to $93.7 million. The company generated strong free cash flow of $88.9 million in FY 2018 which was 45.6 percent higher than the corresponding previous year. The company reported a total shareholder return (including dividends) of 47 percent in FY 2018 while maintaining a group ROCE of approximately 20%. In FY 2018, the company earned a net profit after tax (NPAT) of $38.0 million which was 91.6% higher than the previous corresponding year.

During FY 2018, the company increased its network capacity to 2.2 million tonnes per annum across New South Wales and Victoria. The company has informed that it is on track to increase its network capacity to 3.4 million tonnes per annum by 2020 in order to meet the growing demand for recycling. This demand is driven by the continued population growth, unprecedented infrastructure programs in Sydney and Melbourne, and diminishing landfill capacity.

During FY 2018, Bingo’s collections fleet increased from 173 in FY17 to 254 in FY18, with 177 trucks in New South Wales and 77 trucks in Victoria. The Collections segment reported net revenue of $176.9 million and pro forma EBITDA of $41.6 million. During the year the company won significant building and demolition contract which includes the contract for Sydney Metro, the M5 tunnel and stage 2 and 3 of the Northern Road upgrade.

In FY 2018, the company is trying to expand its existing operational footprint to target further critical infrastructure projects and commercial opportunities both in residential and non-residential construction. The company is planning to utilize the existing construction cycle underpinned by approximately $140 billion of infrastructure investment in New South Wales and Victoria to grow its Commercial and Industrial business to diversify revenue streams.

In the last six months, the share price of the company decreased by 16.58 percent as on 18 January 2019. BIN’s shares traded at $2.170 with a market capitalization of circa $1.26 billion as on 21 January 2019 (AEST 4:00 PM).


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