Profits rise for Peterborough hazardous waste management company
Waste management company Augean, which operates sites at Wansford and King’s Cliffe, has reported a rise in revenue and pre-tax profits.
The company’s interim results for the six months to the end of June, show that revenue rose by 27 per cent to £31.3 million compared to £24.7 million for the same period last year.
Pre-tax profits increased by 29 per cent to £3.1 million compared to £2.4 million in the previous year.
The company has also reduced its debt from £3 million - down from £5.7 million in December last year.
Augean operates at 11 sites across the UK and handles low level radioactive wastes and naturally occurring radioactive material at its East Northants Resource Management Facility, based at Kings Cliffe.
It also deals with non-hazardous and stable non-reactive hazardous waste at its site in nearby Thornhaugh, at Wansford.
The company says that among its operational highlights for the last six months have been a strong performance within its energy and construction division driven by significant increase in volumes of contaminated soils.
It says radioactive waste services have performed in line with expectations.
Dr Stewart Davies, Augean’s chief executive, said: “I am pleased with the group’s performance in the first half of the year, where we delivered double digit growth in group revenue and pre-tax profit.
“We have seen the benefit of the group’s portfolio approach of maintaining five businesses in diverse markets, enabling us to optimise the performance in certain areas while continuing to deliver strong growth at a group level.
He added: “The group enjoyed strong cash flow generation and remains well placed to take advantage of medium term investment opportunities.
“The board remains confident in the group delivering its expectations for 2015.”
The company’s share price had fallen today (Tuesday) from 54 pence per share to 52.24 pence per share.