Specialist waste management business Augean (LON:AUG) saw shares sink nearly 10 percent on Tuesday, after profit before tax after exceptional items fell 50 percent over the course of 2016.
Total revenue for the group, which specialises in the disposal of hazardous waste, rose 25 percent over the 12 months to the 31st December, with EBITDA increasing by 17 percent to £14.1 million.
Profit before tax increased 16 percent to £7 million, but profit after exceptional items, including £1.2 million related to a trade dispute settlement, fell 50 percent to £1.3 million.
Net debt also increased heavily over the course of the year, up to £10.8 million from £6.5 million the year previously.
Commenting on the Results, Dr Stewart Davies, Chief Executive Officer, said:
“2016 saw the Group deliver double digit growth in revenue, operating cash flow and EBITDA. At an operational level, the Group has achieved a number of key strategic goals including securing further contracts with top-tier customers and a significant increase in APCR volumes, reaffirming our integrated waste management proposition with our customers.
“We have seen good momentum across our portfolio of businesses and remain well positioned to take advantage of opportunities across a broad number of sectors. The Group’s cash generation and balance sheet remain robust and the Board remains confident of maintaining its track record of year-on-year increases in profitability in 2017.”
Shares in Augean are currently down 9.13 percent at 52.5 (0852GMT).