Waste firm Augean receives offers for unwanted division

Stewart Davies, chief exec of Augean
Stewart Davies, chief exec of Augean
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HAZARDOUS waste firm Augean said it has received a number of offers for the assets and goodwill of its underperforming waste network division and two sale transactions are under way.

The Wetherby-based firm said it expects the sales to be wrapped up during the first three months of 2014.

The sites, which are being sold as going concerns, are continuing to trade whilst the sales process concludes.

The waste network division has now closed and the targeted £1m a year of overhead reductions have been included in the 2014 plan.

Augean announced in September it would sell or close the division.

Yesterday it said that following the closure certain assets were retained and a new business, Augean Integrated Services (AIS) has been started.

AIS began operations earlier this month and will focus on clients who need total waste management services.

It will utilise Augean’s experience in the management and disposal of hazardous wastes.

Augean said that 2013 group revenues rose by 13 per cent to £47.8m, driven by strong second half performances from its continuing operations.

Adjusted annual pre-tax profits are expected to be in line with revised expectations following the interim results.

Augean’s CEO Dr Stewart Davies said: “The performance of the group in the second half was encouraging as trading improved in the businesses where we will have continuing operations during 2014.

“We have continued to benefit from our ability to provide an integrated offering to our customers and believe we are well positioned to strengthen our position in the growing specialist waste markets.”