Shanks hikes profit, names Dilnot CEO

Waste management firm Shanks delivered a 20% increase in underlying half-year profit, upped its dividend 10% and named Peter Dilnot as chief executive.

For the six months ended 30 September 2011 revenue was 11% at constant currency to £398m. Underlying pre-tax profit rose to £20.8m from £16.8m the same time a year earlier.

The group said it is on track to achieve the company forecasts for the full year.

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Commenting on the results, acting chief executive Chris Surch said, "These are good results which demonstrate our ability to deliver continued growth of revenues and profits against a challenging macro-economic background."

"They reflect the success of our strategic focus on recycling and re-processing which has helped us to increase our overall recycling rate to 80% of all waste handled."

Shanks recommended an interim dividend of 1.1p per share, a 10% on last year.

Dilnot, who has worked for Danaher Corporation since 2005, will take up his new role on 1 February 2012.