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Financial Results – year ended 31 December 2012

We are pleased to announce our preliminary results for the year ended 31 December 2012.

Financial highlights

  • Revenue including landfill tax; increase of 13% to £42.4m (2011: £37.5m)
  • Revenue excluding landfill tax; increase of 18% to £36.8m (2011: £31.3m)
  • Adjusted EBITDA increased to £6.6m (2011: £6.1m)
  • Adjusted profit before tax £2.6m (2011: £1.1m)
  • Profit before tax £2.8m (2011: £1.4m)
  • Earnings per share 1.97p (2011: 1.59p)
  • Free cash flow £0.6m (2011: £(0.5)m) after £3.6m of capital expenditure
  • Net debt increase to £6.1m following acquisitions (2011: £4.0m)
  • Recommendation of payment of a maiden dividend of 0.25p per share

Operational highlights

  • Group increases sales revenues across all divisions compared to previous year
  • Improved operating margins on key activities
  • Initial disposal of multiple waste streams from radioactive decommissioning
    • 2,107 tonnes disposed in 2012, at an average price of £271 / tonne
    • Slower than expected release of low level waste (LLW) from the nuclear estate
    • Entry into the emerging markets of naturally occurring radioactive material (NORM)
  • Planning extensions secured at ENRMF and Thornhaugh sites
  • ANSS operated successfully in the North Sea market throughout the second half of 2012
  • New high temperature incinerator (HTI) integrated within Waste Network division
  • New industrial cleaning services provided through Oil & Gas Services division
  • Several medium term contracts secured with large customers across all divisions

Strategic developments

  • Move into delivery phase across key strategic markets
  • Continued focus on radioactive decommissioning markets to drive profit growth
  • Planning permission sought to extend the size and life of the ENRMF site to 2026
  • Offshore waste management offering growing through Augean North Sea Services
  • Minerals extraction underway at Cooks Hole, providing royalty stream
  • Energy production available as electricity, heating steam and fuel oils
  • Appointment of Dr Stewart Davies as new CEO from August 2013

The successful delivery of our strategic initiatives has led to robust results showing growth in revenue, earnings and profit. While the overall conditions in our core markets have remained challenging, the Group has made excellent progress in establishing new revenue streams that offer significant growth potential.  “The proposed payment of a maiden dividend demonstrates the Board’s confidence in the Group’s strategic direction and intention to enhance returns for shareholders. Our new businesses and divisional reorganisation have created a stronger and more diversified business closely aligned with our customer requirements and this investment is expected to deliver continued growth to revenues, earnings per share and cash flow in this year and beyond.


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