Hazardous waste management specialist Augean sounds optimistic after lifting profits before tax and exceptional items eight per cent to £3.8 million.

The AIM-quoted company, which handles landfill sites and treats waste elsewhere, increased turnover by five per cent to £22.6 million last year. Under new accounting standards, a £26.8 million goodwill impairment charge in the landfill division sent Augean into the red to the tune of nearly £24 million, but this did not affect cash flow, which rose 23 per cent to £7.7 million.

Now headed by Paul Blackler, an internal appointment who replaced Peter Worllidge as chief executive officer in December, Augean made several acquisitions last year and is maintaining its expansion strategy. The company now places more emphasis on waste treatment, where it sees better growth potential than in simple landfill management.

Floated at 125p in 2004, Augean shares have had a chequered career, rising to 237.5p in April 2005 before crumbling to 69p last month. They have rallied modestly to 82.5p, up 5.5p today, at which price they value the company at £54 million.

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Augean	AIM	£48.13m	73.50p	0.00p
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