Augean’s year end update confirmed 2015 adjusted PBT in line with expectations, while net debt was lower than we had forecast. The group has entered 2016 with positive momentum, despite a challenging backdrop in some of its markets. Taking the gloss off, management has highlighted that updated guidance on landfill tax could potentially reduce volumes of brownfield construction waste into landfill, although the impact is difficult to estimate at this early stage. We have not changed our P&L assum ....
