LONDON (Alliance News) - Hazardous waste management firm Augean PLC said Tuesday its profit for the first half of the year increased as it expects to end its battle with the UK tax department.
Shares in the company were trading up 6.6% at 48.50 pence each on Tuesday.
For the six months to June 30, Augean posted pretax profit of GBP5.8 million from GBP3.3 million a year prior, on the back of revenue increasing to GBP37.5 million from GBP35.3 million.
Chairman Jim Meredith said: "We have made excellent progress in the first half of 2018 having grown sales in all our key strategic markets, reduced the cost base of the group, driven cash generation and co-operatively engaged with HMRC."
In July, the company said it was continuing discussions with the UK taxman to resolve a matter arising from the Landfill tax, after it was issued with GBP37.6 million worth of tax assessments by HMRC.
The company said it still believes it has paid landfill tax correctly and continues to defend its position that HMRC has no claim.
"We expect to make progress with HMRC in the second half of 2018 and will update the market accordingly," Meredith added.
Looking ahead, the company said it expects to deliver annual results that "exceed market expectations".
