Augean battles through the most challenging year it has faced

The Wetherby-based company, which works across sectors including automotive, chemicals, commodities and construction, insisted it is ready to benefit from any recovery in the hazardous waste market.

Augean battled a slowdown in volumes of waste in 2009, as major industries shrunk out- put.

The recession also dragged down pricing, leading to a fall in the value of materials recovered from waste.

Excluding landfill tax, revenue slumped 21 per cent to 28.1m in the year to the end of December. Adjusted profit before tax was just 1.3m, compared with 4m the year before.

However, after exceptional costs of 55.7m mainly from goodwill impairments on its landfill and treatment divisions, it reported a 54.4m loss.

"2009 has been without exception the most challenging year the group has faced," said chief executive Paul Blackler. "We have worked extremely hard to manage the business through these difficult times and continue to focus on our clear strategy for growth with the resources, infrastructure and space to go forward."

The group raised 12.2m through a share placing in October to reduce debts and provide working capital. As a result, net debt fell to 6m from 16.8m a year earlier.

Augean intends to concentrate on four key segments: low level nuclear waste, offshore hydrocarbon markets, refineries and energy.

Augean said while it expects a "challenging" first half, it believes it will return to profit in the second half.