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Preliminary Results – year ended 31 December 2013

We are pleased to announce our preliminary results for the year ended 31 December 2013.

Financial highlights

  • Adjusted profit before tax for the Group of £3.2m (2012: £2.6m)
  • Revenue from continuing operations increased by 19% to £43.5m (2012: £36.7m)
  • Adjusted profit before tax for continuing operations increased by 12% to £4.4m (2012: £3.9m)
  • Earnings per share from continuing operations were 3.13p (2012: 3.20p)
  • Operating cash flows of £5.9m supported capital expenditure and an increased equity stake in Augean North Sea Services (2012: £5.8m)
  • Proposed dividend of 0.35p per share (2012: 0.25p)

Operational highlights

  • Improved performance from continuing operations, driven by growth in key markets:
    • Reduction to total landfill volumes within Land Resources, offset by disposal of higher margin waste
    • Strong growth at Augean North Sea Services, ahead of Board’s original targets
    • Oil & Gas Services delivered positive EBITDA and reduced year on year losses
    • East Kent incinerator performance impacted by mechanical issues until quarter four

Strategic developments

  • Closure of Waste Network division
  • Creation of Augean Integrated Services business to focus on total waste management
  • Creation of Radioactive Waste Services business to widen radioactive waste disposal opportunities
  • Purchase of a further stake in Augean North Sea Services, taking shareholding to 81%
  • Long term planning permission secured at East Northants Resource Management Facility and Thornhaugh landfill sites

Post Period End

  • Sale of certain Waste Network sites for consideration of £1.2 million
  • Renewal of banking facilities through to July 2017 providing debt funding of £15.0 million.

While Augean underwent a number of operational and strategic changes during 2013, the Group delivered a robust financial performance with increases in revenue and profit from continuing operations. The Board believes that the Group is well placed to benefit from the significant investment it has undertaken in new businesses and assets, the sale and closure of underperforming activities and any increase in the volume of waste management activity, backed by a general UK economic recovery. The Group has an established position in a number of key waste markets, including hazardous waste treatment and disposal, Air Pollution Control Residues management, low level radioactive waste disposal and North Sea oil and gas. With improving underlying performance across the whole Group and the benefits of lower overhead costs the Board expects further growth in EBITDA, operating profit and cash flows during the year. The newly developed strategy for the business, focused on key markets and a more service-led approach to customers, is expected to provide opportunities to deliver a material improvement to adjusted profit before tax in the coming 12 months.


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