24th Mar 2015 08:33
LONDON (Alliance News) - Waste management company Augean PLC on Tuesday saw its shares push higher in early trade after it said its pretax profit and revenue both rose in 2014, prompting it to hike its dividend by nearly half.
Shares were up 17% to 49.00 pence in early trade, one of the best performers in the AIM All-Share.
Augean said its pretax profit for 2014 was GBP5.4 million, up 22% on the GBP4.4 million posted a year earlier.
Revenue increased to GBP55 million, up 26% year-on-year from GBP43.5 million last year, with profit and revenue growth seen all five of its divisions, comprising its Energy & Construction, Radioactive Waste Services, Industry & Infrastructure, Integrated Services and North Sea Services units.
Augean said it saw air pollution control residue volumes increase in the Energy & Construction arm and saw a rise in revenue from low-level radioactive waste, boosted by its inclusion on the Low Level Waste Repository Ltd treatment framework, in its Radioactive Waste Services division.
It said the good performances across the divisions have continued into 2015.
Augean said the good results meant it will raise its dividend for the year to 0.50 pence from 0.35 pence. It only pays a final dividend.
"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," said Augean Chief Executive Stewart Davies.
"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," Davies added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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