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Augean swings to annual profit on lower exceptional costs
StockMarketWire.com
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Waste management company Augean swung to an annual profit and proposed to resume its dividend in 2021, as lower exceptional cost offset a decline in revenue.
For the year ended December, pre-tax profit was £16.4 million from a loss of £15.3 million a year earlier, while revenue fell to £91.7 million from £107.1 million.
'The impact of Covid-19 was most felt on Augean North Sea Services (ANSS) ... as Covid-19 saw unprecedented declines in the Brent oil price with a consequent fall off in activity in the North Sea, ' the company said.
The return to profit comes as there was no repeat of the one-off exceptional costs recorded in 2019 relating to HMRC Landfill Tax Assessments.
The company proposed return to dividend in 2021, citing strong cash generation.
'A pleasing start to trading has been made in the first few weeks of 2021 with results in line with Group expectations. The board is confident in the prospects of the Group for the full year,' the company said.
At 8:54am: (LON:AUG) Augean PLC share price was 0p at 185p
Story provided by StockMarketWire.com
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