Final results for the year ended 31 December 2019

We are pleased to announce our preliminary results for the year ended 31 December 2019.

Computer data and charts

Financial highlights

Adjusted metrics are from continuing operations and exclude non underlying items1

  • Adjusted revenue before landfill tax increased by 33% to £91.5m (2018: £68.8m)
  • Adjusted profit before taxation increased 68% to £19.2m (2018: £11.4m)
  • Statutory result before taxation worsened to a loss of £15.3m (2018: profit of £10.6m)
  • Adjusted EBITDA increased by 52% to £28.8m (2018: £18.9m)
  • Adjusted basic earnings per share increased by 80% to 15.33 pence (2018: 8.52p)
  • Statutory Loss per share was 12.26p (2018: Earnings per share 9.61p)
  • Net bank debt position of £13.2m (December 2018: net cash of £8.2m)
  • Return on capital of 37.8% (2018: 21.6%)

Operational Highlights

  • Good sales growth in all sites with Treatment & Disposal up 24% and North Sea up 61%
  • 12% growth from residues from Energy from Waste (EfW) and other incinerators despite delays in commissioning of new plants
  • Improved margins contributed £3.1m additional profit before tax
  • Strong further progress demonstrated in soils with overall volumes increasing 46% on 2018
  • Continued diversification in North Sea with new customer wins in industrial services, decommissioning and waste management


  • The Group has made payments against landfill tax assessments for its companies Augean North and Augean South for a total of £40.4m (£37.7m excluding interest)
  • All assessments have been appealed and the First Tier Tax Tribunal is expected no earlier than late 2020


  • Significant further growth targeted in the Group’s core markets
  • Strong cash generation
  • The Board is confident in the prospects of the Group for the full year.

Commenting on the results, Jim Meredith, Executive Chairman, said:

2019 was a good year for the Group.  I look forward to making further progress in 2020 with growth in the Group’s core niche markets.

1 Non-underlying items are share based payments, the settlement of landfill tax liabilities and other non-underlying items


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