22nd Sep 2015 08:51
LONDON (Alliance News) - Waste management company Augean PLC on Tuesday posted higher pretax profit and revenue in the first half following a strong performance in its energy and construction arm and said it is trading in line with its expectations for the full year.
Augean said its pretax profit in the first half to the end of June was up 29% to GBP3.1 million from GBP2.4 million a year earlier, as revenue increased to GBP31.3 million from GBP24.7 million.
The group said its energy and construction business performed well in the half, with a significant rise in contaminated soils volumes, while its radioactive waste services unit traded in line with its expectations. Augean's industry and infrastructure business was weaker than its other divisions in the half, but the group said it has kicked off plans to improve the unit's trading in the second half. It also said its integrated services division won a key contract for waste treatment services in Kent in the half.
Augean said its overall performance in the half was strong, and it is on track to hit its full-year expectations, adding it remains well-placed both to win market share organically and to pursue acquisitions.
"I am pleased with the group's performance in the first half of the year, where we delivered double digit growth in group revenue and pre-tax profit, along with continued improvement in return on capital employed," said Chief Executive Stewart Davies.
Shares in Augean were down 3.3% to 52.24 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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