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Interim results – six months ended 30 June 2015

We are pleased to announce our interim results:

Group financial highlights

From continuing operations and excluding exceptional items

  • Revenue increased by 27% to £31.3m (2014: £24.7m)
  • Profit before tax increased by 29% to £3.1m (2014: £2.4m)
  • Net operating cash flows increased by 185% to £6.6m (2014: £2.3m)
  • Return on capital employed (1) increased to 11.7%, from 10.1% in 2014
  • EBITDA(2) increased by 24% to £5.8m (2014: £4.7m)
  • Basic earnings per share increased by 22% to 2.30p (2014: 1.89p)
  • Net debt decreased to £3.0m, from £5.7m at December 2014 (£8.9m at June 2014)


Operational highlights and strategic developments

  • Strong performance within Energy & Construction driven by significant increase in volumes of contaminated soils
  • Radioactive Waste Services performed in line with expectations
  • Work underway to optimise Industry & Infrastructure performance after a disappointing first half
  • Augean Integrated Services secured significant new high value contracts with continued focus on delivering Total Waste Management service
    • Permit variation granted for East Kent HTI(3) to receive Low Level Waste as part of Waste Treatment Services
  • A number of new medium and long term contract wins for Augean North Sea Services (ANSS) with tier-1 customers building on very positive first half performance
    • Purchase of the remaining 19% of ANSS not previously owned
  • Post period end, appointment of John Grant to the Board as a non-executive director


Outlook

  • Strong overall performance from the Group in the first half
  • Full year performance for 2015 anticipated to be in line with management expectations
  • Group remains well-placed to take advantage of organic and non-organic growth opportunities and to deliver double-digit organic annual profit growth in 2015

I am pleased with the Group's performance in the first half of the year, where we delivered double digit growth in Group revenue and pre-tax profit, along with continued improvement in ROCE. We have seen the benefit of the Group's portfolio approach of maintaining five businesses in diverse markets, enabling us to optimise the performance in certain areas while continuing to deliver strong growth at a Group level. The Group enjoyed strong cash flow generation and remains well placed to take advantage of medium term investment opportunities that accelerate the strategy and are value enhancing for shareholders. With increased numbers of tier-1, long term and Total Waste Management contracts, the Board remains confident in the Group delivering its expectations for 2015 while continuing to deliver sustainable market positions and grow shareholder value.

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