Augean, one of the UK’s leading specialist waste management businesses provides the following trading update. Due to stronger Group trading performance through the second half, the Group’s adjusted profit before tax* for the year is expected to be materially ahead of market expectations. Results from continuing business have benefitted from higher contaminated soil volume, increased radioactive waste profit and strong performance of both the treatment and North Sea businesses.
The Group can confirm that, as expected, it has now moved to a cash positive position with all bank debt repaid.
The Group has exchanged contracts to sell the freehold of a property in Hull for £1.3m, with no profit or loss on sale, with completion of the transaction expected on December 20th.
The Group is performing a strategic review of the operation of the East Kent High Temperature Incinerator facility.
There has been no further update on the assessment notifications from HMRC recently made by the Group.
* adjusted profit before tax is measured as profit from continuing operations before amortisation of intangibles, income and share based payments, exceptional items and taxation