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Interim results for the six months – 30 June 2013

We are pleased to announce our interim results:

Financial highlights

  • Revenue including landfill tax increased by 17% to £23.4m (2012: £20.0m)
  • Net revenue increased to £19.6m (2012: £17.5m)
  • Adjusted profit before tax increased by 18% to £1.0m (2012: £0.9m); total £0.9m (2012: £0.5m)
  • Cash flow from operations increased to £3.8m (2012: £1.0m)
  • Adjusted earnings per share before exceptional items increased by 1.5% to 0.66p (2012: 0.65p).
  • Net debt decreased to £6.0m (H1 2012: £6.6m) after capital expenditure of £3.1m (2012: £1.6m)
  • Underperformance in the Waste Network division expected to adversely impact Full Year forecast

Operational highlights

  • Positive contributions to revenues and cash flows from the Group’s key strategic divisions.
    • Increasing revenues from Land Resources driven by low activity radioactive waste disposal and APCR treatment
    • Improved performance from Oil & Gas Services activities
    • Strong growth from Augean North Sea Services
    • Continued investment in new waste treatment and disposal facilities
  • Increased landfill volumes in Land Resources during the period
  • Challenging markets for Waste Network in commodity waste transfer
  • East Kent facility has experienced excessive down-time due to essential maintenance

Strategic developments

  • Planning permission granted to extend the ENRMF site, both in size and operational life
  • Further growth opportunities identified in offshore, APCR, radioactives and total waste management
  • New Business Development department created to drive revenue growth and returns from assets
  • New Chief Executive Officer, Dr Stewart Davies, joined the Group on 12th August 2013
  • Intention to dispose of the Waste Network division as soon as practical

The results reflect the sustained progress made with our previously identified strategic opportunities, including Low Level Waste, Offshore, Minerals and Energy. Despite challenging conditions in a number of markets, the Group has delivered increases in revenue and cash flow and we expect these key sectors to continue delivering further growth in the second half of the year. We have taken decisive action to address the underperformance in the Waste Network division which, while impacting the Group’s full year results, will allow the management team to focus on the next phase of the Group’s strategic development. While I have only been in the role a short time, I am excited about the potential growth opportunities available to the Group and look forward to providing shareholders with an update in due course.


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