Augean’s results expected to be “at lower end” of forecasts

WASTE management firm Augean said it expects its full year results to be at the lower end of the board’s revised forecasts.

The Wetherby-based company said revenue for the year is expected to be in a range of £42m to £43m. Augean said that trading in the second half of the year “delivered satisfactory performance” despite delays in the delivery of the expected volumes for low level waste (LLW).

However, the firm said the board remains confident that the routes to the LLW market remain in place and “will continue to develop as the challenges of unlocking volumes are met during 2013”.

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Augean started to take low level waste from decommissioned nuclear power stations last year after winning a court battle allowing it to take in waste at its East Northants site in Northamptonshire, a former clay pit.

The company said that revenues during 2012 were supported by the development of new business streams in industrial services, hazardous waste incineration and offshore waste management, whilst the group’s traditional hazardous waste markets were broadly flat throughout the year.

Alongside LLW market development these new businesses are expected to continue to enhance shareholder returns during the coming year, it added.

Augean said: “While the general economic outlook for the wider hazardous waste sector remains subdued the board believes that the group is well placed to deliver continued growth during 2013. The investments and new business streams delivered during 2012 are expected to lead to improvements to revenues, earnings per share and cash flow during the year.”

Augean plans to publish its 2012 full year results on March 26.