Waste management company Biffa reported a 33 percent rise in profit on Wednesday, alongside the announcement that CEO Ian Wakelin would be stepping down.

Underlying after tax profit rose 33.8 percent to £47.9 million, with net revenue jumping 8.8 percent to £977.7 million. Underlying earnings rose 8.9 percent to £150 million, with underlying operating profit rose 10 percent to £81.2 million.

CEO Ian Wakelin also announced that he would be stepping down from his position, to be replaced by CFO Michael Topham.

Wakelin said: “I have thoroughly enjoyed the last eight years and will leave satisfied that we have achieved a great deal including successfully bringing the business back to the stock market.

“I would like to thank all of my colleagues across the business for their support and commitment over the years. Biffa is a great business with a great future ahead of it.”

Shares in Biffa (LON:BIFF) are currently trading down 0.83 percent at 239.50 (0823GMT).