Augean, one of the UK's leading specialist waste management businesses provides the following trading update for the year to 31 December 2018. Due to continuing strong Group trading performance through the second half of the financial year, the Group expects to be in line with previously upgraded market expectations for the full year. The Group has 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 (2017 net debt: £10.8m).
The Board also announces that Roderick Holdsworth, Non-Executive Director and Chairman of Audit Committee, has 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 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.
The Group's preliminary results for the year ended 31 December 2018 are expected to be announced on 26 February 2019.