LONDON (Alliance News) - Waste management company Augean PLC on Tuesday said it performed well in the first half of 2015 and said its underlying operating profit is set to meet market expectations.
Augean said its Energy & Construction division was strong in the half, with higher volumes send to landfill, particularly from construction soils in the first quarter. Radioactive Waste Services also performed well in the half, with higher total revenue year-on-year, particularly from nuclear decommissioning work.
Profit in Augean's Industry & Infrastructure arm was broadly flat in the half, with improvements in margins offset by short-term hits taken from the resale markets for recovered fuel. Augean Integrated Services also made progress in the half, with more waste management contracts won and a more robust commercial pipeline in place.
Revenue and operating profit in its North Sea Services business was higher in the half, boosted by a number of contract wins.
"In the first six months of 2015, we have seen momentum and traction from the group's strategy as we continue to strengthen our position in specialist waste markets. The board expects a strong trading performance from the group overall to be reflected in growth in earnings and cash flow compared to the first half of 2014. Overall, we remain confident in our position to deliver further sustainable growth for shareholders," said Stewart Davies, Augean's chief executive.
Shares in Augean were untraded on Tuesday morning, having last traded at 54.50 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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