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Pre-close Trading Update & Directorate Change

28th Jul 2010 07:00

RNS Number : 0265Q
Augean Plc
28 July 2010
 



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.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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