Much to the delight of its shareholders, the Bingo Industries Ltd (ASX: BIN) share price has made a notably strong gain today.
In afternoon trade the waste management and recycling company's shares are up 4% to $2.05.
What happened?
This morning Bingo Industries reported pro forma net profit after tax of $32 million on revenue of $209.7 million. This means growth of 112% and 47% on FY 2016, respectively, and is well ahead of its prospectus forecasts.
According to the release, this strong growth reflects the significant momentum with new customers and its recent investment in resource recovery and recycling infrastructure at Minto, St Mary's, and Wollongong.
In FY 2018 Bingo expects pro forma EBITDA of approximately $89 million, which represents year-on-year growth of almost 39%.