Tue, 24 Sep 2013 | DIVISION SALE
The Augean Group has confirmed its plans to sell off its Waste Network division.
Based in Wetherby, the waste management group announced its disposal plans despite the fact that it had posted a 17 per cent increase in group revenue for the year. Last year's revenue stood at £20 million, while this year a figure of £23.4 million was cited.
Pre-tax profit was also up 18 per cent to £1 million from £0.9 million last year in the firm's interim results for the six months to the end of June.
Dr Stewart Davies, the chief executive of the group, explained that despite the group's strength, the decision was taken to sell the Waste Network division because of its performance. He told The Business Desk: “We have taken decisive action to address the underperformance in the Waste Network division which, while impacting the group's full year results, will allow the management team to focus on the next phase of the group's strategic development.”
He added that the group expects its key sectors to continue to deliver growth over the second half of 2013, noting that the disposal of Waste Network should help it to focus on this process.
The division sale is expected to help deliver annualised overhead sales of up to £1 million by freeing the group of the challenges presented by the East Kent facility.
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