Augean - H220 momentum from EfW growth to continue
Augean has proven to be resilient throughout the pandemic. In particular, the growth in processing incinerator ash residues from energy from waste (EfW) facilities continues unabated and additional new contract wins should drive improved returns in FY21. Management expects FY20 adjusted PBT to be slightly ahead of last year and we have marginally reduced our FY20 adjusted PBT and EPS estimates by 1%. Our FY21 estimates are maintained. Cash flow has been stronger than we expected, underpinning the indication that dividends should resume in FY21.Augean is engaged in waste management businesses. Co.'s business units are: Energy & Construction, which disposes air pollution control residues, asbestos and other contaminated waste materials and soils; Radioactive Waste Services, which treats and disposes low level radioactive waste; Industry & Infrastructure, which is engaged in the recovery and recycling of oil and solvents and the generation of secondary liquid and solid fuels from waste; Augean Integrated Services, which provides total waste management; and Augean North Sea Services, which provides drilling waste management, production waste management, onshore & marine industrial services, decommissioning and water treatment.
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