Shanks Appoints New CEO And Announced Revenue Increase

3 November 2011

The Board of Shanks Group plc has announced the appointment of Peter Dilnot as Chief Executive as it releases interim stats

Dilnot succeeds Tom Drury, who left the Group in September and will take up his new appointment on 1 February next year.

Dilnot, 42, has worked for Danaher Corporation since 2005 and is currently Group President, Emerging Markets, of its Gilbarco Veeder-Root subsidiary and President of Danaher Middle East. Danaher (www.danaher.com) is a NYSE-listed global diversified industrial group with annual sales of $13bn (£8 bn).

Adrian Auer, Chairman of Shanks said: "Shanks is in great shape with good prospects. In Peter we have appointed a top class executive with a most impressive track record. I have no doubt Peter will bring the energy and leadership to maintain the momentum of our progress to date and manage the next phase of Shanks' growth."

Peter Dilnot, chief executive (designate) added: "I am looking forward to the challenge of building on Shanks Group's positive momentum. Shanks is a business with a strong team, leading sustainable waste management capabilities, and great potential for the future."

Shanks confirms there is no further information to be disclosed under paragraph 9.6.13 of the Listing Rules with regard to this appointment.

• 　　　　　Revenue up 11 percent at constant currency to £398m.
• 　　　　　Underlying profit before tax up 20 percent at constant currency to £20.8m.
• 　　　　　Strong balance sheet, with net debt of £166m representing an EBITDA ratio of 1.7x.
• 　　　　　Underlying EPS up 26% to 3.9p per share and interim dividend increase of 10 percent to 1.1p per share.
• 　　　　　Net exceptional tax credit of £4.3m in respect of prior year liabilities.

• 　　　Municipal strategy further strengthened with existing UK PFI contracts achieving margins of 9 percent.
• 　　　Final two bidders for seven PFI contracts representing 1.1m tonnes of waste per annum.
• 　　　Strong performance from Dutch Hazardous Waste (trading profit growth of 47 percent).
• 　　　Continued expansion in organics with the Amsterdam and Glasgow AD plants commissioned and London Ontario facility now operating at target levels.
• 　　　Strategic investment programme progressing well with overall annualised 9% post tax returns and 12 percent for projects which are fully operational.
• 　　 £60m of the new £150m investment programme already committed.
• 　　 Overall recycling rate up from 77 percent to 80 percent.

www.shanksplc.com

Darrel Moore