City Briefs: Augean; International Personal Finance
Augean, a listed specialist waste management business, saw its adjusted revenue before landfill tax increase by 33% to £91.5m (2018: £68.8m).
The Wetherby-based business, which has published its final results for the year ended 31 December 2019, also recorded adjusted profit before tax increasing by 68% to £19.2m (2018: £11.4m).
Its statutory result before taxation worsened to a loss of £15.3m (2018: profit of £10.6m). And adjusted EBITDA increased by 52% to £28.8m (2018: £18.9m).
As previously reported, the company has made payments against landfill tax assessments for its companies Augean North and Augean South for a total of £40.4m (£37.7m excluding interest).
All the assessments have been appealed by Augean, and the First Tier Tax Tribunal is expected no earlier than late 2020.
Executive chairman Jim Meredith said: “The Group is currently trading in line with the Board’s expectations for 2020 with a continued focus on business growth in niche segments and cash generation.
“The Group continues to secure further contracts with top-tier customers in Energy from Waste, Radioactive waste, construction waste and North Sea decommissioning.
“The volumes of construction and demolition waste improved significantly as a result of investment in the sales team and investment in processing solutions to generate the most environmentally beneficial outcomes for our customers.
“Undoubtedly 2020 is economically uncertain for the UK economy as a whole whilst Brexit plays out.
“But with limited direct exposure to EU markets, coupled with a strong start to 2020 trading and a robust pipeline of activity, the Board remains confident in the Group’s prospects for the new financial year.”
Leeds-based home credit business and fintech operator International Personal Finance, has announced its full-year financial results for 2019.
The Group, which currently serves 2.1 million customers, reported profit before tax of £114m, an increase of £4.7m year on year.
Revenue was up 3% to £889.1m (£866.4m in 2018) and quantity of credit issued was up by 1%.
CEO Gerard Ryan said the Group had delivered good financial results in 2019 with more to be done in its growth businesses – Mexico home credit and IPF Digital.
He added: “Our results were driven by strong operational execution in European home credit and our established digital businesses, and IPF Digital also reported its maiden profit, demonstrating our success in profitably serving customers with digital credit.
“Looking ahead, we are focused on improving performance in Mexico home credit and IPF Digital’s new markets alongside delivering growth in 2020.
“We serve more than two million customers around the world, increasing financial inclusion for the underbanked and underserved.
“In 2020, we will continue to invest in growing our Mexico home credit and IPF Digital businesses, where we see a fantastic opportunity for significant growth for years to come.
“This year could be really exciting for the Group as a whole.”