LONDON (Alliance News) - Augean PLC said Tuesday revenue and pretax profit for the full-year rose as performances in its continuing operations improved, driven by growth in its key markets, amid number of operational and strategic changes.
The specialist waste management said revenue rose 11% to GBP47.1 million from GBP42.4 million last year and pretax profit declined marginally to GBP4.20 million from GBP4.23 million the previous year.
In its preliminary results for the full-year to December 31, 2013, Augean increased its dividend payment by 40% to 0.35 pence per share from the 0.25 pence per share paid in 2012, and said the company has "agreed to progressively increase the dividend in the coming years, in line with improvements to business performance."
Looking ahead, non-executive Chairman, Jim Meredith remains confident for the coming year, "With improving economic conditions in the UK, a refreshed strategy and several new opportunities under development I look forward to another year of growth and enhanced returns for shareholders during 2014."
The company operates in three major UK-based markets, the broad hazardous waste market, waste from nuclear decommissioning and waste from North Sea oil and gas exploration and production.
Chief Executive Dr Stewart Davies said, "While Augean underwent a number of operational and strategic changes during 2013, the Group delivered a robust financial performance with increases in revenue and profit from continuing operations... The newly developed strategy for the business, focused on key markets and a more service-led approach to customers, is expected to provide opportunities to deliver a material improvement to adjusted profit before tax in the coming 12 months."
Shares in Augean were trading 1.33% lower at 46.375 pence per share Tuesday afternoon.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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