Augean to protect North Sea arm from fall in price of oil

HAZARDOUS waste firm Augean re​ported ​​a strong start to 2015 across all five divisions and said it is taking action to ensure its North Sea services arm is not affected by the recent fall in oil price.

Finance director Richard Laker said: “The North Sea Services business had a stonking year. It grew EBITDA by 50 per cent. It’s an extremely strong performance that has continued despite the prevailing macro-economic headwinds.”

The Wetherby-based group is in the process of “multi-skilling” workers – training up skilled offshore workers to take on a wider scope of work.

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Group revenue rose 26 per cent to £55m in the year to December 31 and pre-tax profits increased 22 per cent to £5.4m.​

Augean’s CEO Stewart Davies said 80 per cent of its top 20 customers are now tied to the company on a contract or framework basis

The company said it ha​s made significant progress in ​switching​ revenues from short-term to long-term contracts, which has provided increased visibility for the order book.

“We’ve seen a very strong start to 2015 and the North Sea is mitigated to a large extent,” said Dr Davies.

“This is the new strategy we announced this time last year. The five businesses are all growing strongly – both revenue and profit. This is what we promised. We’ve delivered and there’s a lot more to come.”

The group announced a dividend of 0.5p per share, an increase of 43 per cent.