Augean squeaky clean with profits up across the board

HAZARDOUS waste management group Augean has increased pre-tax profits across their businesses, despite challenging conditions in their sectors.

Pretax profit increased 22% to £5.4m for the year and all five group businesses, including a North Sea oil and gas division and a radioactive waste business, grew in revenue and profit.

Revenues increased to £55m from £43.5m in 2013,

The board proposed a 43% increase in the dividend payment to 0.50p per share, from 0.23p previously.

The Wetherby-based group employed an average of 300 staff over the course of the year but the number of employees in the group initially fell in early 2014 following redundancies associated with the sale of the Waste Network business.

Dr Stewart Davies, chief executive officer, said: “The Group has delivered a strong set of results in 2014 underpinned by growth in revenue, profit and operating cash flow. Growth was seen across all five businesses validating our focus on growing shareholder value by developing sustainable market positions in each business.

“We have made significant progress in moving more of the Group’s revenues from ‘spot’ or short-term contracts to long-term contracts and frameworks which has provided increased visibility for the order book.

“The board believes that the group’s customer-focused, service-led businesses are well positioned to take advantage of opportunities in each of the markets that they serve.

“The continued execution of the strategy of the wider group along with an expectation of continuing general UK economic recovery, means that the board remains confident of another year of increasing profitability and cash flows for the group as a whole in 2015.”