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Statement Regarding Profit Forecast

25th Sep 2008 09:35

RNS Number : 2799E
Augean Plc
25 September 2008
 



Augean plc

("Augean" or the "Company")

Statement Regarding Profit Forecast

 

On 26 August 2008 the Board of Augean announced that it had received a number of preliminary approaches which may or may not lead to an offer for the Company being made. As a result, Augean entered an offer period ("Offer Period") under the rules of the City Code on Takeovers and Mergers (the "Code"). 

 

On 23 September 2008 Augean made the following statements in its interim results announcement, which were subsequently repeated in the correction announcement on 25 September 2008, (the "Announcement"): 

 

·; “We spent much energy in the first half laying important foundations for the future sustainable and visible growth of the group. We have a better balance between our landfill business and our treatment business and have secured major contracts which will deliver a strong second half performance. As such, the board is confident that current year market expectations will be achieved.”  
·; “Looking forward to the remainder of the year we are seeing a considerable, sustained upturn in activity based on certain large customers delivering strong volumes, into our landfill sites, as shown by hazardous waste inputs of 75,000 tonnes in the first two months of the second half of the year. At the same time we are experiencing a strong performance, in line with expectations, in our enlarged treatment division. As a result of the certainty of these revenue streams, the board is confident that current year market expectations will be achieved.” (together the "Profit Forecast").

Given Augean was in an Offer Period at the time of the Announcement, it represents a profit forecast for the purposes of the Code and it is a requirement of the Code that the Profit Forecast should be reported on by Augean's auditors and financial advisers in the terms set out in Rule 28 of the Code. 

Under the requirements of Rule 28 of the Code a circular will be sent to shareholders as soon as is practicable. The circular will contain further details of the assumptions on which the Profit Forecast was based.

Augean PLC
 
Paul Blackler, Chief Executive
01937 844 980
Peter Southby, Finance Director
 
 
 
Financial Dynamics
 
Jonathon Brill
020 7831 3113
Billy Clegg
 
 
 
Landsbanki
 
James Wellesley Wesley
020 7426 9587

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