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Pre-close interim trading update

Here is our update prior to commencement of our close period ahead of issuing our interim results for the six months ended 30 June 2015.

Group performance

The Group performed strongly in the first half of 2015 and underlying profit before tax is expected to be in line with market expectations.

Business unit performance

The Group operates five business units, in a diverse range of markets. The performance of those businesses in the first half of 2015 is summarised as follows:

  • Continued strong performance from Energy & Construction, with an increased level of tonnage sent to landfill, in particular from high volumes of construction soils in the first quarter of the year;
  • Successful six months for Radioactive Waste Services with higher total revenue compared to the first half of 2014, in particular from activities related to the decommissioning of the nuclear estate;
  • Broadly flat profitability from Industry & Infrastructure compared to the first half of 2014, with margin improvements offset by short-term impacts in the resale markets for recovered fuels;
  • Continued traction in Augean Integrated Services, in particular as a result of the increased amount of total waste management contracts won during the period and further strengthening of the commercial pipeline;
  • Significant growth in revenues and operating profit from Augean North Sea Services compared to the first half of 2014, with strong trading performance throughout the first half of 2015. Notable new contract wins with operators and tier-1 customers were also signed in June 2015 and July 2015, including a first contract for decommissioning-related naturally occurring radioactive material (NORM) with a major operator, which will be delivered in conjunction with the Radioactive Waste Services business.

The Group’s interim results for the six months ended 30 June 2015 are expected to be announced on 22 September 2015.

In the first six months of 2015 we have seen momentum and traction from the Group's strategy as we continue to strengthen our position in specialist waste markets. The Board expects a strong trading performance from the Group overall to be reflected in growth in earnings and cash flow compared to the first half of 2014. Overall, we remain confident in our position to deliver further sustainable growth for shareholders.

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