Investment summary

Augean’s pre-close statement has both reassured and excited us. The core underlying performance is in line with expectations despite the economic climate and stiff competition, while the potential volumes in Low Level Waste (LLW) and the progress achieved on other strategic opportunities hint at the step-change to come. In our view, 2011 was a year full of preparation, positioning and restructuring for the future, both in organisational structure and market focus. We believe 2012 will be the year this groundwork begins to translate to a significant potential performance uplift that could well accelerate in the years beyond.

Last updated on 30/01/2012

Industry outlook

There is an increasing trend towards treatment, recovery and recycling within the waste hierarchy as highlighted in the government's Strategy for Hazardous Waste Management. While new regulations since 2004 initially caused confusion, we believe that, as the industry understands what is required and enforcement improves, volumes will become increasingly predictable.

Last updated on 09/12/2011