WasteCo Group Limited Analysis

Overview

On 5 December 2022 the company completed the acquisition of WasteCo Holdings NZ Limited, and a reverse listing as WasteCo Group Limited (trading as WCO) (WasteCo)

The WasteCo group was formed by Carl Storm and James Redmayne and commenced operations in 2013

WasteCo currently operates a diversified waste, refuse and industrial services business with operations in Christchurch, Ashburton, Timaru, Oamaru, Dunedin and Balclutha, through 6 subsidiaries.

Members of the WasteCo group own and operates a range of business activities associated with:

• Environmental services, which comprise the following operations:
• Waste collection via front load bins, hook bins, skip bins and wheelie bins from both commercial and private customers.
• A large gantry collection operation in Christchurch.
• Road sweeping for Councils and commercial customers. WasteCo operates an extensive sweeping operation in the South Island.
• Waste sorting and diversion. WasteCo operates a 3,600 square metre dedicated sorting facility in Christchurch with a strong focus on diversion from landfill. WasteCo is currently achieving global diversion in excess of 50% of waste away from the landfill.
• A new specialised facility for the collection and treatment of medical and quarantine waste, which has recently been implemented by WasteCo.
• Training services. WasteCo provides internal and external training courses, both to its own staff and to third party organisations.
• Industrial services, which comprise the following operations:
• High pressure water blasting, urgent spill response services, vacuum loading, septic tank cleaning and portaloos. These services are offered on a 24/7/365 basis. WasteCo is one of the largest providers of industrial services in the South Island.
• Port services. WasteCo provides maintenance, cleaning and auxiliary services to several ports and shipping companies in the South Island.

Performance

The following information was extracted from WasteCo Group Limited's Full Year results, released on 29 May 2026:

WasteCo Group Limited (NZX: WCO) today released its financial result for the year ended 31 March 2026, as the company continues to rebuild performance, systems and accountability across the business.

Chair and Interim Chief Executive Roger Gower said FY26 had been a difficult year for WasteCo.

“The deaths of WasteCo employees Lynda Kelly in Te Anau in 2025 and Paul Cruse in Cardrona earlier this year had a profound impact on the company and our people,” said Mr Gower. “Our thoughts remain with their families, friends and workmates, and we continue to support all those affected across our business.”

WorkSafe has laid a charge against WasteCo under the Health and Safety at Work Act 2015 in relation to the Te Anau fatality. As the matter is before the Court, the company is unable to comment further. The Cardrona road accident remains under police investigation and WasteCo continues to cooperate fully with authorities.

“Over the past decade, WasteCo expanded quickly through acquisitions and listing on the NZX in 2022. As the business grew across new regions, operations became increasingly complex and performance became inconsistent,” said Roger Gower.

“This year was focused on rebuilding the fundamentals of the business. Health and safety is our highest priority. We committed NZ$1.75 million to overhauling safety management across WasteCo, strengthened the leadership team and introduced clearer reporting lines, stronger operational controls and improved systems.

“FY26 was a disappointing financial result for WasteCo. Revenue increased to NZ$70.2 million from NZ$56.4 million in FY25, and EBITDA increased to NZ$5.85 million from NZ$4.64 million. Despite the increase in revenue, the company recorded a net loss of NZ$12.35 million, compared with a loss of NZ$9.9 million the previous year.