Tox Free flags profit boost

Shares in Nedlands-based waste management company Tox Free Solutions were higher this morning after it flagged a first-half profit upgrade.

Tox Free, headed by managing director Stephen Gostlow, said it expected underlying earnings before interest, tax, depreciation and amortisation to be about $37 million, up from its previously announced estimate of between $32 million and $34 million.

“Tox Free’s auditors are in the process of review ing the first half year financial results, which are scheduled to be released to the ASX on February 24,” it said.

In August last year, the company announced a 60 per cent increase in net profit for the full-year, after winning several contracts with Rio Tinto to provide waste management services at the iron ore miner’s Dampier Salt operations in Port Hedland and Dampier.

Shares in Tox Free were 5.4 per cent higher at $2.60 per share at 11:40am.