Augean wins slew of renewals and new customers

Augean on Thursday said it had renewed contracts, with terms of up to four years, with certain of its "strategically important" customers in Energy from Waste (EfW) and North Sea oil and industrial services.

The specialist waste management business said that the renewed deals accounted for over one third of the group profit in the year ended December 2018 and added that it has also won new contracts with terms of up to three years for ash from several EfW plants across the UK.

The annual volume of ash from these new EfW plants is around half of the AIM traded company's existing annual ash volumes.

"The additional volume from these contracts is expected to impact incrementally from late 2019 through 2020 as these EfW plants are commissioned, with the greater impact expected through 2020 onwards. These wins underpin current market expectations for 2019 and growth during 2020 and beyond," said a statement from the company.

Furthermore, Augean also signed a three-year framework agreement with Land & Water Ltd, the market leading specialist for dredging of inland waterways, to preferentially treat and landfill materials arising from their dredging activities.

Augean's shares were unchanged at 79.00p at 1108 GMT.