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18 Sep 2018 | 14:41

Augean sees annual result beating market expectations

Waste management group Augean posted a 50% rise in first-half profit and said it expected its full year result to exceed market expectations.

Net profit for the six months through June rose to £3.5m, up from £2.3m on-year.

Adjusted revenue before landfill tax increased 6% to £32.9m, while adjuted pre-tax profit increased 36% to £4.5m.

'We have made excellent progress in the first half of 2018 having grown sales in all our key strategic markets, reduced the cost base of the group, driven cash generation and co-operatively engaged with HMRC,' chief executive Jim Meredith said.

'With growth in our key strategic markets we expect to deliver full year financial results that exceed current market expectations.'

At 2:41pm: (LON:AUG) Augean PLC share price was +5p at 50.5p

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