Positive outlook for listed waste group

Wetherby-based waste management firm Augean has today reiterated that its group profit for the year to 31 December 2019 is expected to be ahead of market expectations.

Today’s trading update follows an update the firm shared in May, stating it had experienced a strong first quarter of trading.

This is despite the fact that the firm has to pay a total of £34.7m in landfill tax to the HMRC – for which is has agreed to defer payments until a tax tribunal is undertaken in 2020, meaning it will not materially affect this year’s result.

Issuing the trading update today, Augean said: “Results have benefitted from higher landfill volumes across most waste types, increased radioactive waste profit and good performance of both the treatment and North Sea businesses. Further improved trading results has also led to increased net cash in bank which is currently £20m.”

The company is contesting the tax bills, and has appealed both the Augean South and Augean North assessments, saying it has paid its share of landfill tax.