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Interim results – six months ended 30 June 2014

We are pleased to announce our interim results:

Financial highlights

  • Group revenue increased by 7% to £24.9m (2013: £23.4m)
  • Group EBITDA increased by 101% to £4.4m (2013: £2.2m)
  • Adjusted profit before tax increased by 121% to £2.2m (2013: £1.0m); basic earnings per share increased to 1.49p (2013: 0.55p)
  • Net debt increased to £8.9m (H1 2013: £6.0m; H2 2013: £8.5m) after capital and investment activities
  • The ratio of net debt to 12 month rolling EBITDA was 1.1x versus a covenant target of less than 2.5x
  • Return on capital employed, from continuing operations and excluding exceptional items, increased to 10.1%, from 8.3% in the same period in 2013.


Operational highlights

Group trading in line with expectations for the full year:

  • Further growth in Air Pollution Control Revenue (APCR) volumes through the Energy & Construction division
  • Continued growth of Radioactive Waste Services (RWS), with broadening customer base
  • Temporary shortfall in contracted business at East Kent impacting profitability of new Augean Integrated Service (AIS) division;
  • Excluding East Kent, AIS division becoming established and securing new waste management contracts;
  • Strong recovery in Augean North Sea Services (ANSS) following depressed offshore activity in quarter one
  • Industry & Infrastructure division trading stabilised following impact of low Q1 volumes


 
Strategic developments

  • New strategy fully embedded, with focus on securing sustainable market positions
  • Group now operating through five market and customer-orientated divisions
  • Closure of Waste Network division successfully completed and assets disposed of during Q1
  • Acquisition of the site at East Kent Waste Recovery Facility, which is key to the development of the AIS business.


Post period end

  • Richard Laker appointed Group Finance Director on 2 September 2014.


Outlook

  • Strong performance in the Energy & Construction division, anticipated to continue ahead of initial management expectations
  • Radioactive Waste Services division expected to normalise after exceptionally strong first half
  • AIS progress in converting contractual opportunities
  • ANSS recovery from slow first quarter and is in line with expectations
  • Industry & Infrastructure expected to benefit from recovery in drilling activity in second half
  • The Group continues to trade overall in line with management expectations for the full year

 

The results reflect progress in the delivery of the Group's new strategy, with revenue growth in each of the five divisions. Development of our service-led approach is winning customer support in Radioactive Waste Services, Integrated Services and Augean North Sea Services, underpinning their sales growth plans. Increased market activity has provided opportunities for the Energy & Construction division to strengthen its pipeline, offsetting the slower than expected margin improvements in the Industry & Infrastructure division and the temporary shortfall in contracted business at East Kent.    We have taken advantage of the increased profitability of the Group to make a strategic investment in East Kent freehold. The Group is trading in line with management expectations for the full year. We continue to prioritise potential growth opportunities and look forward to providing shareholders with an update in due course.

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