Augean makes waves in the North Sea to lift profit and revenue

AUGEAN, the specialist waste management company, reported increased profits and revenues in 2015, after its performance was boosted by 'very strong' results in its North Sea services busi-ness.
Stewart Davies, chief executive of AugeanStewart Davies, chief executive of Augean
Stewart Davies, chief executive of Augean

During 2015, Augean’s revenue increased by 11 per cent to £61.0m, while the profit before tax rose by 12 per cent to £6.0m. The company’s £20m bank facility was renewed earlier this month, with an extra £10m to fund acquisitions.

EBITDA increased by 20 per cent to £12.1m.

In a statement to accompany the results, the Wetherby-based company said that Augean North Sea Services had secured a number of significant contract wins with oil and gas operators.

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Dr Stewart Davies, the chief executive, said: “2015 was a year of significant progress for the group resulting in double digit growth in revenue, operating cash flow and EBITDA.

“The results were driven by a strong performance across a number of the group’s businesses in which we have built sustainable market positions. Our ability to work closely with customers to provide specialist services focused on hazardous waste throughout the supply chain was reflected in a number of strategically important contract wins during the year.

“The group remains focused on the execution of its strategy to deliver shareholder value and further direct contracts with tier-1 producers have been secured, improving forward visibility of earnings.”

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