Augean plans disposal

In the six months ended June 30 2013, the Wetherby-based company’s revenue, including landfill tax, increased by 17 per cent to £23.4m. Adjusted profit before tax increased by 18 per cent to £1m.

The company warned that under performance in the Waste Network division was expected to “adversely impact” its full year figures.

The company also revealed that there had been strong growth from Augean North Sea Services, and it had continued to invest in new waste treatment and disposal facilities.

Stewart Davies, the chief executive, who was appointed in August, said: “The results reflect the sustained progress made with our previously identified strategic opportunities, including low level waste, offshore, minerals and energy. Despite challenging conditions in a number of markets, the group has delivered increases in revenue and cash flow and we expect these key sectors to continue delivering further growth in the second half of the year. We have taken decisive action to address the under performance in the Waste Network division which, while impacting the group’s full year results, will allow the management team to focus on the next phase of the group’s strategic development.

“While I have only been in the role a short time, I am excited about the potential growth opportunities available to the group and look forward to providing shareholders with an update in due course.”

Augean said it intended to dispose of the Waste Network division “as soon as practical”.