Waste management business confident after strong first half

WASTE management business Augean has seen EBITDA and pre-tax profits soar.

In its interim results for the six months ended June 30, the Wetherby-based group announced that EBITDA increased by 101% to £4.4m and adjusted pre-tax profit increased by 121% to £2.2m. Group revenue increased by 7% to £24.9m.

A revised strategy of the group was established in March, with a focus on growing shareholder value by building market share and developing sustainable market positions.

This morning, Dr Stewart Davies, chief executive, said: “The results reflect progress in the delivery of the group’s new strategy, with revenue growth in each of the five divisions.

“Development of our service-led approach is winning customer support in radioactive waste services, integrated services and Augean North Sea services, underpinning their sales growth plans. Increased market activity has provided opportunities for the energy and construction division to strengthen its pipeline, offsetting the slower than expected margin improvements in the industry and infrastructure division and the temporary shortfall in contracted business at East Kent.  
 
“We have taken advantage of the increased profitability of the group to make a strategic investment in East Kent freehold. The group is trading in line with management expectations for the full year.  We continue to prioritise potential growth opportunities and look forward to providing shareholders with an update in due course.”