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17 Jul 2019 | 09:24

Augean expects to top market expectations as revenues jump 40% in H1

Waste management business Augean said it expected to exceed market expectations for the full year after doubling first-half adjusted pre-tax profits as revenues jumped 40%.

For the six months ended 30 June, adjusted profit before taxation increased 100% to £9.6m and adjusted revenue before landfill tax increased by 40% to £44.2m.

The jump in sales was led by 'good' growth in all sites with Treatment & Disposal up 39% and North Sea 43%.

Augean said it remained confident the group had met its landfill tax obligations, after receiving landfill tax assessments for its companies Augean North and Augean South for a total of £34.7m.

'All assessments have been appealed, hardship awarded, no provision created, and the Lower Tier Tax Tribunal is expected in 2020,' it added.

'The Group has delivered strong results in all areas of the business with cash generation especially pleasing. We remain confident in the Group's prospects for a full year result and anticipate results ahead of market expectations,' the company said.

At 9:24am: (LON:AUG) Augean PLC share price was +3p at 120.5p

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