Augean encouraged by market recovery signs

AUGEAN, the hazardous waste management specialist, today reported half year results in line with expectations despite the company being hit by the cold snap earlier this year.

The Wetherby-based group, which provides a range of services to the hazardous waster sector, saw revenues including landfill tax drop slightly to £16.3m over the six months to June 30 compared to £16.8m over the same period the previous year.

Revenue excluding landfill tax was £13.8m, down from £15m and underlying operating profit was at breakeven compared to £1.5m last time.

The group made an underlying loss before tax of £300,000 compared to a profit of £1m.

It has slashed net debt from £18m to £4.9m.

Augean said it had seen “encouraging signs” of business recovery moving from its second quarter into the second half of the year.

It began an offshore drill cuttings contract in April which it said volumes would continue to grow from in the second half.

Chief executive Paul Blackler said: “Results for the first half are in line with the board’s expectations despite the cold weather in January and February hampering the group’s ability to trade normally.
 
“We continue to pursue our strategic initiatives which we believe coupled with recovery in our core business will further enhance the group’s performance.
 
“The encouraging signs of a recovery in our markets have continued into the early part of the second half of the year.”