AUG.L Share News (AUG)

Waste disposal and treatment experts Augean is highly optimistic after completing its strategic restucturing and delivering sold results for 2013. The AIM-listed company, which on Monday completed the disposal of its underperforming Waste Network business, lifted revenues 11% to £47.1m, or 19% to £43.5m for continuing operations. Adjusted pre-tax profits climbed 22% to £3.2m, although operating profits were down 1% to £6.2m. Reflecting the belief of management that "Augean is stronger now than at any point during the past five years", a 40% increase in the dividend payment to 0.35p per share has been proposed, with the board adding that it has agreed to progressively increase the dividend in the coming years in line with improvements to business performance. Augean, which is named after the filthy stables cleaned by Hercules, is now a provider of specialist services focused on hazardous wastes to top-tier customers, and has stated its intention to rebalance contracts towards its higher-margin, higher-growth activities.Chief Executive Stewart Davies, who was appointed in August, said: "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 up 1.1% to 47.5p at 08:45 on Tuesday.OH