LONDON (Alliance News) - Shares in waste management firm Augean PLC rose Wednesday as the firm said it expects full-year profit above market expectations.
Augean was trading at 48 pence per share on Wednesday, up 13%.
Augean said adjusted pretax profit for 2018 is to be "materially ahead of market expectations", but did not give a figure.
In 2017, Augean posted pretax profit excluding items of GBP7.0 million, up 16% year-on-year.
The company said results will benefit from higher contaminated soil volumes, increased profit from radioactive waste work, and a strong performance in its Treatment and North Sea arms.
Augean is also, as expected, in a cash positive position with all bank debt repaid.
It has also agreed to sell a property in Hull for GBP1.3 million, making no profit or less, and is also reviewing the operations of its East Kent high temperature incinerator.
Augean is currently in a dispute with the UK taxman, and was early November hit by a GBP18.4 million tax bill covering September 2014 to May 2018, having received a GBP10.5 million demand in October.
No update was given on this issue on Wednesday.
