22 September 2015 – interim results
In the six months to 3o June, the specialist waste management business increased revenue by 27% to £31.3m (2014: £24.7m) with pre-tax profit rising by 29% to £3.1m (2014: £2.4m). Earnings per share were 22% higher at 2.30p (2014: 1.89p) and as usual no interim dividend has been proposed. Net debt at the group has fallen to £3.0m (31 December 2014: £5.7m) helped by strong operating cash flow. These results represented a strong overall performance during the period with a particularly good performance from businesses in the Energy and Construction division, which benefited from a significant increase in volumes of contaminated soils. The results for the full year are expected to be in line with expectations with pre-tax profits of £5.9m expected for earnings per share of 4.5p. With further progress expected in 2016 we continue to rate the shares as a BUY.