Shares of Augean stormed ahead after the hazardous waste disposal specialist said it had increased profit and revenue marginally ahead of expectations in the last year.
The Wetherby-headquartered company said pre-tax profit rose to £1.4m for the year ended 31 December 2011 from £0.5m in 2010 after increased sales volumes and revenues in both operating divisions. Total revenue including landfill tax rose 10% to £37.5m. Revenue excluding landfill tax gained 8% to £31.3m.
EBITDA for the period rose to £6.5m from £5.6m earlier. Adjusted profit before tax rose to £1.1m from £0.4m in 2010. Net debt remained stable at £3.968m.
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CEO Paul Blackler said, "Despite the on-going challenging macro economic conditions, the group was able to deliver results marginally ahead of expectations. It was especially pleasing to see an improvement in operating margins, testament to an increasing focus on the pre-treatment, recycling and reuse of wastes."
He added, "Whilst the conditions across the sector are expected to remain highly competitive, we are confident that the strategic initiatives that the group has put in place, especially in relation to Low Level Waste and opportunities in the Oil & Gas Services sector, will enable the group to drive shareholder value in the year ahead."
Augean said it had seen a positive start to trading in 2012.
No dividend has been recommended for the year ended 31 December 2011.
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