Trade recovers at listed waste management group

Specialist waste management business, Augean, says its trading recovered strongly through the second half of the year.

The Wetherby-headquartered Group now expects, subject to audit, to report adjusted pre-tax profits for the year ended 31 December 2020 to be at least in line with the prior year.

This is despite the impact of Covid-19 and the resultant decline in the firm’s North Sea business.

During 2020 and early 2021, Augean has contracted or has secured commitments to contract incremental ash contracts for six Energy from Waste (“EfW”) facilities, four of which are for operational facilities and two for proposed new facilities.

The total annualised revenue from these incremental contracts is around £6m.

Augean says it has recently been granted a revised Environmental Permit for its Port Clarence landfill which would have a remaining life past the 2050s.

This permit allows for the handling of treated EfW ashes which will allow Augean to offer a new waste recovery option to select current and future EFW customers.

The Group ended the year with net cash, excluding lease liabilities, of £6.4m, having deferred £3.5m of 2020 VAT payments until March 2021.

Augean expects to report its preliminary results in early March 2021.