Reconomy Group records strong growth in 2022, doubling its revenues

UK – Telford-based circular economy specialist Reconomy Group has published its second annual sustainability report covering the 2022 calendar year, which shows that the company more than “doubled its revenue” to over £1 billion (US$ 1.31bn) year-on-year.

The report, which accords with internationally recognized GRI reporting standards, recognizes substantial progress against Reconomy’s stated aims.

On its environmental commitments, the group now diverts 97.5% (up from 96% in 2021) of the waste managed through its operations away from landfill.

It has also cut its full-scope carbon intensity by 13% representing progress given its growth in operations, and 67% of its electricity now comes from renewable sources, meaning that the business is on track to use 100% of its electricity through renewable sources by 2028.

The group spent £123 million (US$160.59m) on procuring from small and medium-sized enterprises (SMEs) in 2022, which contributed to an overall total of £509 million (US$ 664.55m) in local, social and economic value created since 2018.

On its social value remit, Reconomy said it has also funded 86 apprenticeships and 60 internships and ring-fenced roles for care-leavers and hard-to-reach groups.

The group was also recognized with several industry awards, including an Ecovadis Gold Rating, receiving the top award in environmental, social and governance management at the 2022 British Private Equity & Venture Capital Association Summit and the CIO 100 Award.

It completed two acquisitions in 2022 – RENE AG and GEE Services – and has added three more in 2023 so far – Combineering, UK Waste Solutions, and Ecofficiency.

Reconomy has expanded its services into 11 new markets, which are provided from hubs within 27 countries to 7,160 clients across 80 countries worldwide.

Guy Wakeley, group chief executive of Reconomy, said: “Our second group-wide Annual Sustainability Report demonstrates strong progress against our stated objectives, and we are pleased to announce the successful completion of many of these goals.

“These achievements align with excellent commercial performance from the business as the combination of growing our business organically and via strategic acquisitions means our revenue exceeded £1bn in 2022.”

He added: “We are making substantive headway against our sustainability targets, and I look forward to another year of progress toward our vision of a waste-free world.”

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