Augean expects profits to be 'materially ahead' of forecasts

21st Nov 2018 08:27

(Sharecast News) - Specialist waste management outfit Augean expects profits to come in "materially ahead" of market expectations as a result of stronger trading across the group in the second half.Augean said it had benefitted from higher contaminated soil volume, increased radioactive waste profit and strong performance of both its treatment and North Sea businesses.The AIM-listed outfit also confirmed that, as expected, it had moved to a cash positive position with all bank debt being repaid even before its £1.3m sale of a freehold property in Hull.Augean, which was in the process of performing a strategic review of its East Kent High-Temperature Incinerator facility, noted that it had received no update from HMRC regarding its £18.4m tax bill from September 2014 to May 2018."We still believe that this pre-assessment is without merit and maintain our position based on the legal advice received and independent reviews of our systems," said Augean.As of 0820 GMT, Augean shares had jumped 12% to 47.8p.