Augean Plc Trading Update (9366L)
January 18 2021 - 2:00AM
UK Regulatory
TIDMAUG
RNS Number : 9366L
Augean Plc
18 January 2021
Augean plc
("Augean" or "the Group")
Trading Update
Augean plc ("Augean") one of the UK's leading specialist waste
management businesses, announces that trading has recovered
strongly through the second half of the year and the Group expects,
subject to audit, to report adjusted PBT for the year ended 31
December 2020 at least in line with the prior year despite the
impact of Covid-19 and the resultant decline in the North Sea
business.
Within the North Sea business, despite the second half recovery
in revenue, further rationalisations have been made to the cost
base to reflect anticipated forward trading conditions. The Group
expects to impair the North Sea asset values by approximately GBP3m
within the 2020 results, which will be shown as an exceptional item
in the Group's accounts.
During 2020 and early 2021, the Group has contracted or has
secured commitments to contract incremental ash contracts for six
Energy from Waste ("EfW") facilities, four of which are for
operational facilities and two for proposed new facilities. The
total annualised revenue from these incremental contracts is around
GBP6m.
As part of an ongoing programme of enhancement for its landfill
sites capabilities and permits the Group has recently been granted
a revised Environmental Permit for its Port Clarence landfill which
would have a remaining life past the 2050's. This permit includes
the grant of a Recovery Code ("R Code") for the construction with
specified wastes of a three-dimensional void separation structure.
One of the specified waste types includes treated EfW ashes which
will allow the Group to offer a new waste recovery option to select
current and future EFW customers; thereby increasing the potential
number of EfW facilities that the Group could service to whom those
operators particularly desire an R Code.
The Group ended the year with net cash, excluding lease
liabilities, of GBP6.4m, having deferred GBP3.5m of 2020 VAT
payments until March 2021. Based on its expected performance the
Group should return to dividend payment during 2021.
The Group expects to report Preliminary Results in early March
2021.
- Ends -
Enquiries:
Augean plc
Jim Meredith, Executive Chairman
Mark Fryer, Group Finance Director 01937 844 980
N+1 Singer
Shaun Dobson
Peter Steel
Jen Boorer 020 7496 3000
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTVDLFFFFLXBBB
(END) Dow Jones Newswires
January 18, 2021 02:00 ET (07:00 GMT)
Augean (LSE:AUG)
Historical Stock Chart
From May 2024 to Jun 2024
Augean (LSE:AUG)
Historical Stock Chart
From Jun 2023 to Jun 2024