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Augean warns results to be second-half weighted as first-half profit falls

By BFN News | 09:23 AM | Monday 21 September, 2020

Waste management business Augean said full-year profit was expected to be second-half weighted, though added that it expected to 'broadly meet' market expectations barring no further Covid-19 lockdowns in the second half of the year. The update came as the company reported wider losses and lower revenue in the first half of the year. For the six months ended 30 June 2020, pre-tax profit fell to £8.1m from £9m on-year as revenue fell to £48.2m from £52.4m on-year. Covid-19 had impacted all the group's segments negatively, and the most heavily impacted segments included radioactive, biomass EfW and construction, which were all placed on hold due to lockdown restrictions, the company said. 'Trading in the third quarter has picked up significantly over the second quarter,' it added. 'We are working hard to recoup the impact of the lower oil price and Covid-19 over the second half and, assuming no further Covid-19 lockdowns, we anticipate that full year results will be broadly in line with market expectations.' At 9:23am: (LON:AUG) Augean PLC share price was -17.5p at 172.5p Story provided by

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