27th May 2016 07:53
LONDON (Alliance News) - Port reception facilities and waste treatment company Nature Group PLC on Friday said its annual pretax loss widened due to writedowns its booked, though revenue edged up and the group was confident on its prospects.
Nature said its pretax loss in 2015 was GBP2.4 million, compared to a GBP1.4 million loss in 2014. The loss was driven by writedowns that the company booked on its Norway and Gibraltar businesses, plus share-based payments which were not made the year earlier.
Revenue, however, grew to GBP16.3 million from GBP14.3 million, with Nature's maritime division benefiting from good growth in waste collection work in the US, while volumes at its operations in Rotterdam in the Netherlands were boosted by one-off projects. The performance of the oil and gas business improved in the year, while Nature restructured its engineering arm, closing its office in Cornwall and focusing on its remaining office in Norway.
"Whilst there is still work to be done, we believe that 2015 was a year in which we have started to transform the group both organisationally and commercially and we are now well positioned to seize the opportunities to grow the business and develop our service offering in 2016 and beyond," said Chairman Berend van Straten.
Nature shares were down 15% to 6.25 pence Friday following the announcement.
By Sam Unsted; [email protected]; @SamUAtAlliance
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