Augean profit ahead of expectations

HAZARDOUS waste firm Augean believes its pre-tax profit will be slightly ahead of expectations despite the impact of the snow in December.

In a statement ahead of its full year results on March 29, the company said it also anticipates a further reduction in net debt following continued positive cash generation across the group.

The Wetherby-based firm said it has continued to develop key strategic opportunities during the second half of the year with a focus on enhancing the group's return on capital employed.

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It said it had made progress with "strategic opportunities" and the land remediation market has shown "signs of recovery" in the landfill division.

In a statement it said: "The board remains cautiously optimistic over the outlook for the year ahead. Trading has started positively in the early weeks, particularly in the Landfill division where we anticipate capital cell engineering at all three of our sites during the year.

"With forecasts of modest growth in industrial outputs, North Sea exploration and land remediation projects we expect that the group's broad service offering to our customers and strong asset base, coupled with the delivery of our strategic opportunities, will lead to improvements in profitability during 2011. The group will give a further update when it announces its results in March 2011."

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