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Augean sees trading recover despite decline in North Sea business
StockMarketWire.com
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Specialist waste management business Augean has said trading 'recovered strongly' in the second half of 2020 and that it expects to announce an annual pre-tax profit in line with the prior year, despite the impact of Covid-19 and the decline in its North Sea business.
In a trading update, Augean said that in its North Sea business 'further rationalisations' have been made to the cost base in anticipation of future trading conditions, although the business reported a recovery in revenue in the second half of the year.
It expects to impair the North Sea asset values by approximately £3 million within its 2020 results.
During 2020 and early 2021, Augean said it has contracted or has secured commitments to contract incremental ash contracts for six 'Energy from Waste' facilities, four of which are for operational facilities and two for proposed new facilities, with total annualised revenue from these incremental contracts valued at around £6 million.
Augean also reported end of year net cash, excluding lease liabilities, of £6.4 million, having deferred £3.5 million of 2020 VAT payments until March 2021.
Based on its expected performance, it should return to dividend payment during 2021, the company said.
At 2:54pm: (LON:AUG) Augean PLC share price was 0p at 185p
Story provided by StockMarketWire.com
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