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26 Feb 2019 | 14:32

Augean swings to profit but holds off on paying dividends

Waste management group Augean swung to an annual profit after it booked one-off gains from asset sales and lifted its revenue.

Net profit for the year through December amounted to £9.9m, compared to a loss of £3.5m on-year.

Adjusted1 revenue excluding landfill tax rose 22% to £68.8m, while adjusted pre-tax profit rose 69% to £11.4m.

The company did not declare any dividends, due to an ongoing tax payment dispute with UK tax authorities.

Augean said it had made a 'strong start' to initial trading in the first months of 2019, with results well ahead on-year and in line with expectations.

'The board is confident in the group's prospects for the year,' Augean said.

At 2:32pm: (LON:AUG) Augean PLC share price was -2p at 82p

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