The company that brought the first major decommissioning project to Dundee has doubled its pre-tax profits to almost £10 million.
Augean PLC, one of the UK’s leading specialist waste management businesses disposes of difficult-to-handle wastes across a broad range of industrial sectors.
The firm unveiled the figures in their interim results for the six months to June 30.
Adjusted pre-tax profit rose 100% from £4.8m in 2018, to £9.6m this year while the net cash position of the firm soared from £8.2m last to £22.8m.
Adjusted revenue before landfill tax rose to £44.2m from £31.6m – an increase of 40%.
In January, energy giant Shell announced a deal with Augean to provide specialised industrial cleaning and waste management services on the Curlew Floating Production, Storage and Offloading vessel.
The vessel is currently in Dundee for around three months being deep cleaned before being taken to Turkey to be dismantled and re-cycled.
Contributory factors to the figures include, business optimisation programmes delivered cost savings that considerably exceeded expectations, while all sites saw positive sales growth saw revenue from treatment and disposal up 39% and North Sea up 43%.
The firm’s energy from waste and other incinerator plants enjoyed double digit growth.
Continued diversification in the North Sea into industrial services, decommissioning and waste management coupled with an increased client base have all contributed to the soaring profit figures.
Looking to the future, the company predicts further growth in the core markets of energy from waste and North Sea decommissioning.
The board also anticipates the firm will exceed market expectations for the full year.
Commenting on the results, Jim Meredith, executive chairman, said: “The Group has delivered strong results in all areas of the business with cash generation especially pleasing.
“We remain confident in the Group’s prospects for a full year result and anticipate results ahead of market expectations”.
The company’s move into the emerging decommissioning sector includes key staff for wells abandonment and dealing with subsea infrastructure including dealing with more than 200,000 feet of contaminated pipework over the past 18 months.
Augean also deals with contaminated soil and low level radiactive waste.
The firm has a number a number of Scottish facilities including Dundee, Aberdeen and Lerwick.
jimillar@thecourier.co.uk