Waste management firm Augean expects results at lower end of forecasts

Augean's shares dropped Monday after the waste management firm said it expects full year results to be at the lower end of its revised forecast.

Augean's shares dropped Monday after the waste management firm said it expects full year results to be at the lower end of its revised forecast.

The UK company pegged revenues at a range between £42m to £43m for the year.

"Trading in the second half of the year delivered a satisfactory performance despite delays in the delivery of the expected volumes for Low Level Waste (LLW)," the group said in statement.

However, Augean remained confident the routes to the LLW market remain in place and will continue to develop as the challenges of unlocking volumes are met this year.

Development of new business streams in industrial services, hazardous waste incineration and offshore waste management drove revenues during the period.

The group's traditional hazardous waste markets, on the other hand, were broadly flat throughout the year.

Augean added LLW market development, alongside new businesses, are expected to continue to enhance shareholder returns during the coming year.

"While the general economic outlook for the wider hazardous waste sector remains subdued the board believes that the group is well placed to deliver continued growth during 2013," it added.

"The investments and new business streams delivered during 2012 are expected to lead to improvements to revenues, earnings per share and cash flow during the year."

Shares fell 6.06% to 31.00p at 15:03 Monday.

RD

Recommended

Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022
Why you should short this broadband satellite company
Trading

Why you should short this broadband satellite company

With an ill-considered business plan, broadband satellite company AST SpaceMobile is doomed to failure, says Matthew Partridge. Here's how to short th…
23 Sep 2022
Share tips of the week – 23 September
Share tips

Share tips of the week – 23 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
23 Sep 2022
Momentum investing – and why price matters more than anything else
Investment strategy

Momentum investing – and why price matters more than anything else

The recent fashion for momentum investing, with investors piling into expensive growth stocks, is nothing new, says Merryn Somerset Webb. And the dang…
21 Sep 2022

Most Popular

Why we should abolish stamp duty – the worst tax in Britain
Tax

Why we should abolish stamp duty – the worst tax in Britain

Stamp duty is Britain’s most horrible tax. We should forget cutting it and abolish it altogether, says Merryn Somerset Webb.
22 Sep 2022
Mini-Budget: stamp duty and income tax cut as Kwarteng targets growth
Tax

Mini-Budget: stamp duty and income tax cut as Kwarteng targets growth

Chancellor Kwasi Kwarteng announced sweeping tax cuts in his mini-Budget statement. Here's what was said.
23 Sep 2022
Could gold be the basis for a new global currency?
Gold

Could gold be the basis for a new global currency?

Gold has always been the most reliable form of money. Now collaboration between China and Russia could lead to a new gold-backed means of exchange – g…
22 Sep 2022