Toxfree sees end to market downturn
Waste services provider Toxfree Solutions says the WA market will have hit bottom by the end of this financial year.
The company has turned to the East Coast and nonresources markets as revenue from the resources industries has declined.
Its $186 million acquisition of medical waste company Daniels Health was due to be settled last week.
“We expect conditions in Western Australia to continue to remain challenging as the final stages of the major resource construction projects in the North West complete,” chairman Robert McKinnon told Toxfree’s annual meeting last week.
“Upstream oil and gas exploration has also reduced, which has resulted in declined volumes of waste. At the completion of financial year 2017, we believe we will have reached the point where the market in WA will have reached a sustainable level.”
Managing director Steve Gostlow said Toxfree was trading in line with market expectations at the end of the September quarter.