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21 Nov 2018 | 10:12

Augean sees profits 'materially' ahead of expectations on strong second-half performance

Waste management group Augean said Wednesday it expected adjusted profit before tax for the year would be 'materially' ahead of market expectations following 'strong' second-half performance.

'Due to stronger Group trading performance through the second half, the Group's adjusted profit before tax for the year is expected to be materially ahead of market expectations,' the company said.

The waste management company also confirmed that, as expected, it had now moved to a cash positive position with all bank debt repaid.

Results from continuing business benefitted from higher contaminated soil volume, increased radioactive waste profit and strong performance of both the treatment and North Sea businesses, Augean said.

The company announced that it had exchanged contracts to sell the freehold of a property in Hull for £1.3m, with no profit or loss on sale, which was expected to complete on December 20th. At 10:12am: (LON:AUG) Augean PLC share price was +4.5p at 47p

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