Augean to meet upgraded forecasts thanks to strong second half

The AIM-traded firm said it completed the year with higher net cash than market expectations, due to a stronger trading performance than expected in the later weeks of the year, and favourable timing differences, at £8.2m, swinging from net debt of £10.8m at the end of 2017.

It also announced that Roderick Holdsworth, non-executive director and chairman of the audit committee, had retired from the board after almost three years of service.

“Rod has been instrumental in setting the standard for and ensuring the efficiency of our audit committee during his term,” the Augean directors said in their statement.

“The board have greatly valued Rod's advice and guidance and we would like to thank him for his input and support whilst serving the board.

“As a result of this change, John Grant will take on the role of chairman of the audit committee and Roger McDowell will take over as chairman of the remuneration committee.”

Augean said its preliminary results for the year ended 31 December were expected to be announced on 26 February.