Double digit growth for £76m waste management firm
Wetherby-based waste management firm Augean saw double digit growth in 2016, and is predicting further profitability growth this year.
Profit before taxation increased 16% to £7.0m, even after paying out £1.2m in a customer dispute.
Despite a lacklustre performance from new acquisition Colt, the company increased revenues by 25% to £76m for the year to December 2016.
Augean said that Colt, which it acquired for £8.9m in May 2016, had not traded as expected in 2016 due to delayed contracts, though it contributed £3.5m in sales and broke even during the year.
Its nuclear decommissioning business had faced hardship as volumes in that sector declined, however Augean said that predictions for 120% growth for the 2016-17 forecasts was encouraging and showed a “potential recovery.”
Dr Stewart Davies, chief executive officer, said: “2016 saw the Group deliver double digit growth in revenue, operating cash flow and EBITDA. At an operational level, the Group has achieved a number of key strategic goals including securing further contracts with top-tier customers and a significant increase in APCR volumes, reaffirming our integrated waste management proposition with our customers.
“We have seen good momentum across our portfolio of businesses and remain well positioned to take advantage of opportunities across a broad number of sectors. The Group’s cash generation and balance sheet remain robust and the Board remains confident of maintaining its track record of year-on-year increases in profitability in 2017.”
