AUG.L Share News (AUG)

Waste management group Augean has said that profits were in line with expectations in 2013 as it revealed that it had received a number of offers for its underperforming Waste Network division.N+1 Singer said that this implies adjusted profit before tax growth of around 20% year-on-year to £3.2m, according to the broker's estimates.Revenues in 2013 rose 13% to £47.8m, with strong second-half performances from its continuing operations, Augean said.Following on from its decision to sell Waste Network in September 2013, the company said the process is now "well advanced" with two sales transactions underway. The sale will give £1m per annum of overhead reductions, starting in 2014."The performance of the group in the second half was encouraging as trading improved in the businesses where we will have continuing operations during 2014," said Chief Executive Stewart Davies.Net debt rose to £8.5m by the end of the year, from £6.1m in 2012, due to increased capital investment. Sale proceeds from the Waste Network division, which N+1 Singer estimates will be worth £1m, will reduce debt in 2014.BC