28th Jul 2010 07:00
28th July 2010
Augean Plc
Pre-close Trading Update and Directorate Change
Augean Plc, one of the UK's leading hazardous waste businesses, is pleased to update the market prior to going into its closed period after the first half year of trading in 2010.
Following a difficult start to the year as the extreme weather conditions significantly hampered the Company's ability to move waste, good progress has been made during the subsequent months of the first half of 2010 with an improvement in activity from the Landfill Division and a period of consolidation in the Treatment Division. The Board is pleased to announce that despite the weak start to the year, overall trading in the first half has been in line with management's expectations, with net debt at the period end being approximately £5m (H2 2009: £6m).
During the first six months of the year, hazardous waste volumes into the Landfill sites were 95,053 tonnes (H2 2009: 87,220 tonnes) reflecting an upturn following a weak January and February, with sales in the Landfill Division remaining predominantly linked to activity in the construction and land remediation markets. With the removal of tax exemptions on contaminated land coming to a close in March 2012 our pipeline is building with a steady increase in projects which we believe will continue as we progress towards the deadline date.
The Low Level Waste (LLW) planning inquiry is programmed for the 26th October for four weeks. The full expert witness team and counsel have been instructed. We are committed to gaining consent and feel confident that our proposals have excellent planning and technical merit. The appeal has lengthened the process timetable which is likely to conclude in H1 of 2011. We continue to engage with key stakeholders to develop our services to the decommissioning sector.
We are delighted to announce the appointment of Jim Meredith to the board as a non-executive Director. Jim joins Augean in the autumn following an extremely successful career as a highly experienced Chief Executive in the waste sector with a track record of adding significant value to businesses.
Jim was formerly Chief Executive of FCC's UK asset base with revenues of c.£700m, c.180 active business units and c.2,400 employees following their acquisition in 2006 of Waste Recycling Group (WRG), the UK's largest landfill and waste disposal business which also provides services to the decommissioning markets. He had previously worked with TerraFirma Capital Partners (TFCP) during the acquisition of WRG in 2003. Prior to TFCP Jim was an Executive Director of Shanks PLC, a major European player in the environmental services markets with revenues of c.£600m and c.4,200 employees on c.125 sites in three European countries.
Paul Blackler, CEO, said:
"After a slow start to 2010, the momentum in the first half has been encouraging. This coupled with our focus on cost discipline has added a level of confidence we can attribute to the future growth prospects of the business as our markets recover."
"We are delighted to announce the appointment of Jim who will bring a wealth of experience to the Board both in developing our business and supporting the team drawing on his significant knowledge of our sector."
Augean's half year results to 30 June 2010 are due to be announced on 28th September.
- Ends -
For further information, please contact:
Paul Blackler, CEO, Augean Plc 01937 844980
Peter Southby, Finance Director, Augean Plc
Billy Clegg/Edward Westropp, Financial Dynamics 020 7831 3113
Further information on Jim Meredith
Jim (49) has held the following directorships during the last five years:
Current Directorships |
Past Directorships |
Aremi Limited |
3C Holdings Limited |
Industry and Parliament Trust |
3C Waste Limited |
|
Advanced Natural Fuels Limited |
|
Airdriehill Quarries Limited |
|
Allington O&M Services Limited |
|
Allington Waste Company Limited |
|
Anti-Rubbish Limited |
|
Anti-Waste (Restoration) Limited |
|
Anti-Waste Limited |
|
Arnold Waste Disposal Limited |
|
BDR Property Limited |
|
BDR Waste Disposal Limited |
|
Darrington Quarries Limited |
|
Derbyshire Waste Limited |
|
East Waste Limited |
|
Econwaste Limited |
|
Environmental Services Association Limited |
|
Enviropower Investments Limited |
|
Finstop Limited |
|
FOCSA Services (U.K.) Limited |
|
G.W.S (Holdings) Limited |
|
Green Waste Services Limited |
|
Herrington Limited |
|
Humberside Wastewise Waste Management Services Limited |
|
Infinis Acquisitions |
|
Infinis Capital Limited |
|
Infinis Finance plc |
|
Infinis Investments 2 Limited |
|
Infinis Investments Limited |
|
Integrated Waste Management Limited |
|
Kent Conservation & Management Limited |
|
Kent Energy, Ltd |
|
Kent Enviropower Limited |
|
Landfill Management Limited |
|
Lincwaste Limited |
|
Meadshores Limited |
|
Norfolk Waste Limited |
|
Oxfordshire Waste Limited |
|
Paper Product Developments Limited |
|
Pennine Waste Management Limited |
|
RE3 Holding Limited |
|
RE3 Limited |
|
Site and Field Equipment Limited |
|
T. Shooter Limited |
|
Tawse Ellon (Haulage) Limited |
|
Waste Recovery Limited |
|
Waste Recycling Group (Central) Limited |
|
Waste Recycling Group (Scotland) Limited |
|
Waste Recycling Group (Yorkshire) Limited |
|
Waste Recycling Group Limited |
|
Waste Recycling Limited |
|
Wastenotts (Reclamation) Limited |
|
Wastenotts O&M Services Limited |
|
Wastewise Limited |
|
Wastewise Power Limited |
|
Wastewise Trustees Limited |
|
Welbeck Waste Management Limited |
|
Winterton Power Limited |
|
WRG (Management) Limited |
|
WRG (Midlands) Limited |
|
WRG (Northern) Limited |
|
WRG Acquisitions 2 Limited |
|
WRG Berkshire Limited |
|
WRG Environmental Limited |
|
WRG PFI Holdings Limited |
|
WRG Properties Limited |
|
WRG Waste Services Limited |
|
WRG Wrexham PFI Holdings Limited |
|
WRG Wrexham PFI Limited |
Jim does not hold any ordinary shares in the Company.
Save for the above, there is no further information required to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules, with respect to the appointment of James Robert Meredith.
Related Shares:
AUG.L