Augean Plc Pre-close interim trading update (5723T)
July 21 2015 - 2:00AM
UK Regulatory
TIDMAUG
RNS Number : 5723T
Augean Plc
21 July 2015
21 July 2015
Augean plc
("Augean" or "the Group")
Pre-close interim trading update
Augean, one of the UK's leading specialist waste management
businesses, provides the following update prior to commencement of
its close period, ahead of issuing its interim results for the six
months ended 30 June 2015.
Group performance
The Group performed strongly in the first half of 2015 and
underlying profit before tax is expected to be in line with market
expectations.
Business unit performance
The Group operates five business units, in a diverse range of
markets. The performance of those businesses in the first half of
2015 is summarised as follows:
-- Continued strong performance from Energy & Construction,
with an increased level of tonnage sent to landfill, in particular
from high volumes of construction soils in the first quarter of the
year;
-- Successful six months for Radioactive Waste Services with
higher total revenue compared to the first half of 2014, in
particular from activities related to the decommissioning of the
nuclear estate;
-- Broadly flat profitability from Industry & Infrastructure
compared to the first half of 2014, with margin improvements offset
by short-term impacts in the resale markets for recovered
fuels;
-- Continued traction in Augean Integrated Services, in
particular as a result of the increased amount of total waste
management contracts won during the period and further
strengthening of the commercial pipeline;
-- Significant growth in revenues and operating profit from
Augean North Sea Services compared to the first half of 2014, with
strong trading performance throughout the first half of 2015.
Notable new contract wins with operators and tier-1 customers were
also signed in June 2015 and July 2015, including a first contract
for decommissioning-related naturally occurring radioactive
material (NORM) with a major operator, which will be delivered in
conjunction with the Radioactive Waste Services business.
Dr Stewart Davies, Chief Executive Officer commented:
"In the first six months of 2015 we have seen momentum and
traction from the Group's strategy as we continue to strengthen our
position in specialist waste markets. The Board expects a strong
trading performance from the Group overall to be reflected in
growth in earnings and cash flow compared to the first half of
2014. Overall, we remain confident in our position to deliver
further sustainable growth for shareholders."
The Group's interim results for the six months ended 30 June
2015 are expected to be announced on 22 September 2015.
-Ends-
For further information, call:
Augean plc
Dr Stewart Davies, Chief Executive
Richard Laker, Group Finance Director 01937 844 980
N+1 Singer
Shaun Dobson
Richard Lindley
Jennifer Boorer 020 7496 3000
FTI Consulting
Oliver Winters
Adam Cubbage 020 3727 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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