Cleanaway wins Turnaround of the Year Award

Turnaround Management Association’s (TMA) Annual Awards were held last week, showcasing some of Australia’s finest turnaround organisations. Cleanaway Waste Management was recognised as one such organisation, winning the Turnaround of the Year Award in the large company category.

Providing waste management, industrial and environmental services to more than 100,000 customers, with operations stretching across the country, Cleanaway employs more than 4000 staff from nearly 200 sites across both metropolitan and regional locations. CEO Vik Bansal’s appointment in July 2015 was the catalyst for a comprehensive review across the entire organisation, leading to the gradual and sustained improvement across a range of strategic and operational metrics.

Key milestones included bringing the company together under a new name and single brand, refining and realigning the business under a more effective operating model, and establishing strong capital and cost disciplines. It was also about accelerating and refocusing growth initiatives and customer service, and ensuring clear accountabilities for senior leadership to enable improved performance.

The company increased revenue, profits and operating cashflow in FY16, making Cleanaway (ASX:CWY) one of the best performing stocks on the ASX for the August 2016 results season.