Bingo Backs Earnings Outlook Despite ACCC Investigation

By Glenn Dyer | More Articles by Glenn Dyer

Shares in waste removal group, Bingo Industries ended the day steady at $2.85 after it surprised with an update that revealed the Australian Competition and Consumer Commission was conducting an investigation into price adjustments made in July 2019 in the building and demolition waste sector in NSW.

“The investigation commenced in late 2019 and relates to the price adjustments in the New South Wales B&D waste sector, which were implemented in July 2019. BINGO is one of a number of market participants involved in the investigation.

“BINGO takes all such matters seriously,’’ CEO Daniel Tartak said in a statement to the ASX.

“We will continue to be transparent and co-operative in our dealings with the ACCC, our shareholders and all our stakeholders.”

A statement to the ASX said BINGO would not provide further comment ‘’out of respect for the ACCC process”.

The company did reaffirm 2019-20 guidance for underlying earnings of between $159 million and $164 million.

Glenn Dyer

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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