HAZARDOUS waste firm Augean said it is looking ahead with “optimism” despite the bleak economic outlook and will focus on opportunities to store low-level nuclear waste.
The Wetherby-based company recently won a court battle allowing it to take radioactive material at its East Northants site in Northamptonshire, despite fierce local opposition.
It believes it could take up to 2,000 tonnes of LLW in the year ahead, significantly boosting profits. The company said despite strong competition in the hazardous waste markets, it expects 2011 results to be in line with expectations.
“The board approaches the year ahead with some optimism,” said Augean.
“Trading has started positively and a number of strategic opportunities are nearing operational status. The board is aware of the potential risks to volumes and revenues which may materialise if general economic conditions worsen in the UK, but believes that the action taken over the past 12 months has left the group better able to respond to such events.
“The board’s confidence in the core business remains unchanged, but with trading in LLW now activated it expects to see material improvements to revenue and profit later in the year.”
Augean said cashflow has allowed it to invest in its infrastructure and simultaneously cut net debt to £3.4m from £3.9m.
The statement added: “The board is pleased to announce that we have reached agreement with our corporate bankers, HSBC, to renew the group’s existing facility agreement for a further three-year period on similar terms to those currently in place.”