AUG.L Share News (AUG)

(Sharecast News) - Specialist waste management business Augean updated the market on the review of its East Kent High Temperature Incinerator on Wednesday, which it said was now complete.The AIM-traded company said it had decided that the facility would be mothballed early in the new year.It said it would now seek to sell or lease the site, with the benefit of the existing permit to interested parties."The group has invested almost £1m per annum on the facility which has consistently under-performed the returns required by the group," the board explained in its statement."While performance has been improving, in particular during the last quarter, it is forecast to lose £0.5m in 2018."The site, the 2018 loss and the costs of closure, estimated to be £0.6m, will therefore be treated as a discontinued activity for the 2018 preliminary results."