March 25, 2020 / 8:24 AM / 7 days ago

BRIEF-Biffa Sees Lower Demand For Industrial & Commercial Collection Services

March 25 (Reuters) - Biffa PLC:

* BIFFA PLC - COVID-19 UPDATE

* BIFFA PLC - STARTED TO SEE INITIAL IMPACTS OF COVID-19, THESE ARE NOT EXPECTED TO HAVE A MATERIAL IMPACT ON RESULTS FOR FY20

* BIFFA PLC - EXPECTS SIGNIFICANT DISRUPTION TO ITS UK OPERATIONS WHICH IS EXPECTED TO CONTINUE FOR SEVERAL MONTHS

* BIFFA PLC - PRINCIPAL IMPACT OF COVID-19 ON BIFFA WILL BE A VERY SIGNIFICANT REDUCTION IN DEMAND FOR INDUSTRIAL & COMMERCIAL COLLECTION SERVICES

* BIFFA PLC - EXPECTS REDUCTIONS IN VOLUMES INTO SOME PROCESSING FACILITIES IN RESOURCES & ENERGY DIVISION

* BIFFA PLC - EXTREMELY DIFFICULT TO PREDICT WITH ANY ACCURACY WHAT IMPACT OF COVID-19 WILL BE ON BIFFA IN FY21

* BIFFA PLC - CLEAR THAT IMPACT WILL BE MATERIAL AND AS SUCH GROUP IS NOT PROVIDING GUIDANCE AT CURRENT TIME

* BIFFA PLC - GROUP HAS A 5-YEAR COMMITTED £350M REVOLVING CREDIT FACILITY (RCF)

* BIFFA PLC - AT FY20 YEAR END, GROUP EXPECTS TO HAVE COMBINED AVAILABLE CASH AND RCF HEADROOM OF OVER £150M

* BIFFA PLC - ALL CURRENT M&A ACTIVITY HAS BEEN PUT INTO TEMPORARY ABEYANCE

* BIFFA PLC - ALL NON-ESSENTIAL AND UNCOMMITTED CAPITAL EXPENDITURE HAS BEEN DEFERRED

* BIFFA PLC - NO FINAL DIVIDEND WILL BE RECOMMENDED FOR FY20 Source text for Eikon: Further company coverage:

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