6 April 2018

Final results for the year ended 31 December 2017

We are pleased to announce our preliminary results for the year ended 31 December 2017.

Financial highlights

From continuing operations and excluding exceptional items

  • Total revenue increased by 11% to £84.7m (2016: £76.0m)
  • Adjusted profit before taxation1 and share based payment charges decreased 19% to £5.8m (2016: £7.2m)
  • Net operating cash flows decreased by 21% to £10.7m (2016: £13.5m)
  • Adjusted2 basic earnings per share decreased by 4% to 4.23 pence (2016: 4.42p)
  • Net debt remained in line with the prior year at £10.8m
  • No proposed dividend given the ongoing discussions with HMRC (2016: 1.0p per share)
  • As at 19 March net debt is £8.9m. A further £0.8m consideration in relation to the sale of AIS is expected in the next month

Commenting on the Results, Jim Meredith, Executive Chairman, said:
“2017 was a challenging year with the HMRC Landfill Tax assessments and a decline in Group profitability. We remain in active discussions with HMRC but do not anticipate a swift resolution. Steps have been taken to reduce the Group cost base by £4m and we have also reduced Group debt from over £18m in the Autumn to under £11m by year-end. Trading has commenced the year in line with board expectations.”

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