Profits more than double at listed waste management firm in streamlined year
Wetherby waste management group Augean has seen profits rise 69% in a year it disposed of loss-making divisions and was hit by landfill tax bills.
Augean saw revenues rise to £79m in the year ending 31 December 2018, up from £67m in 2017. Its pre-tax profits rose from £4.5m to £10.5m.
It completed the sale of loss-making Colt and Colt Property for £2.2m and AIS for £4.0m in 2018 and has since completed the East Kent sale in January 2019 for £3.35m.
The firm’s net cash position stod at £8.2m at year end (2017: net debt of £10.8m), at 15 February 2019 further improved to £12.5m with additional £2.3m to come from sale of East Kent
Jim Meredith, Executive Chairman, said: “2018 was a pleasing year as the Group continued to make significant changes to streamline activities, enhance performance and focus on both cash generation and retention. Strong trading in the Group’s underlying business, the exit from unprofitable businesses, good cash control and cost savings have enabled the Group to report a cash balance of £8.2m compared to the £10.8m debt position reported last year. The Group is currently experiencing strong initial trading for the start of 2019 and the Board is confident in the Group’s prospects for the year. Our focus will continue to be on cash control and so improving our cash position.”
