Augean Plc Mothball of East Kent High Temperature Incinerator (1776K)

TIDMAUG

RNS Number : 1776K

Augean Plc

12 December 2018

Augean plc

("Augean" or "the Group")

Mothball of East Kent High Temperature Incinerator

Augean, one of the UK's leading specialist waste management businesses, announced on November 21(st) that it was undertaking a review of its' East Kent High Temperature Incinerator (The "Facility"). The review is now complete and the Group has decided that the Facility will be mothballed early in the New Year. The Group will now seek to sell or lease the site with the benefit of the existing permit to interested parties.

The Group has invested almost GBP1m per annum on the Facility which has consistently under-performed the returns required by the Group. While performance has been improving, in particular during the last quarter, it is forecast to lose GBP0.5m in 2018. The site, the 2018 loss and the costs of closure, estimated to be GBP0.6m, will therefore be treated as a discontinued activity for the 2018 Preliminary Results.

- Ends -

Enquiries:

 
 Augean plc 
  Jim Meredith, Executive Chairman 
  Mark Fryer, Group Finance Director    01937 844 980 
 N+1 Singer 
  Shaun Dobson 
  Jen Boorer                            020 7496 3000 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

MSCTBBMTMBTBTFP

(END) Dow Jones Newswires

December 12, 2018 02:00 ET (07:00 GMT)