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Final results – year ended 31 December 2017

We are pleased to announce our preliminary results for the year ended 31 December 2017.

Financial highlights

From continuing operations and excluding exceptional items

  • Total revenue increased by 11% to £84.7m (2016: £76.0m)
  • Adjusted profit before taxation1 and share based payment charges decreased 19% to £5.8m (2016: £7.2m)
  • Net operating cash flows decreased by 21% to £10.7m (2016: £13.5m)
  • Adjusted2 basic earnings per share decreased by 4% to 4.23 pence (2016: 4.42p)
  • Net debt remained in line with the prior year at £10.8m
  • No proposed dividend given the ongoing discussions with HMRC (2016: 1.0p per share)
  • As at 19 March net debt is £8.9m. A further £0.8m consideration in relation to the sale of AIS is expected in the next month

2017 was a challenging year with the HMRC Landfill Tax assessments and a decline in Group profitability. We remain in active discussions with HMRC but do not anticipate a swift resolution. Steps have been taken to reduce the Group cost base by £4m and we have also reduced Group debt from over £18m in the Autumn to under £11m by year-end. Trading has commenced the year in line with board expectations.

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