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Augean first-half earnings up by a third

By BFN News | 01:16 PM | Tuesday 24 July, 2018

Waste management group Augean said it expected to deliver a full-year profit 'at least in line' with market expectations after first-half profit rose by a third. In the six months through June, the company said it benefitted from increased ash volume from energy from waste plants and significant cost reductions. Loss-making activities at Colt Industrial and Augean Integrated Services had been sold. 'First half profit is ahead of prior year by over a third on a like for like basis and the group expects to deliver full year profit growth at least in line with market expectations,' the company said. Net debt at 30 June was £2.7m, compared with £10.8m at 30 December, with a current expectation to be debt free by year end. Augean also said it was having positive discussions with UK tax authorities over its landfill fax obligations. 'The group will robustly challenge the landfill tax assessments that it has or may receive from HMRC, through the tax tribunal system if appropriate,' it added. At 1:16pm: (LON:AUG) Augean PLC share price was +5p at 41p Story provided by

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