Waste and recycling transport service, Toxfree, has released its first half Financial Year results, citing growth in the industrial, resources, health and infrastructure sectors.
In its report, Toxfree cited a strong 22 per cent revenue growth up on the second half of 2016 and 20 per cent on the first half of 2016 to $237.8 million.
“Toxfree’s objective is to grow our market share from 11 per cent currently to 17 per cent by 2021 by focusing on our four target markets and moving to a leaders leadership position in each one,” the company said.
The report reported growth in the health waste sector continues to increase due to an ageing population and increased spending, while increased cost and regulation of landfill is driving the industrial waste sector.
Growth in liquified natural gas, iron ore and coal was attributed to the predicted increase in resources, while population and metropolitan growth will lead to increase government spending in infrastructure.
The areas included the industrial, resources, health and infrastructure waste sectors, construction, municipal and commercial and government waste.
The firm recorded a net profit down 54 per cent to $5.9 million, with much of the reduction related to costs related to its acquisition of Worth Recycling and Daniels Health Australia.
Toxfree also said in its report that by 2021, the total market is expected to grow by 12 per cent to $17.7 billion, with the company’s target segments anticipated to grow at a higher rate of 15 per cent due to a number of market, environmental and regulatory drivers.