17th Sep 2013 08:02
LONDON (Alliance News) - Nature Group PLC Tuesday said its pretax profits more than doubled after its revenues increased by nearly 40% and it reaped the benefits of disposing of its 40% stake in a Norwegian onshore treatment facility.
Nature Group, which describes itself as a maritime and offshore waste specialist, said it made a GBP2.3 million pretax profit for the six months to June 30, compared with a GBP1.0 million pretax profit for the corresponding period the year prior. The recent result included a GBP911,968 extraordinary gain from Nature's disposal of its interest in an onshore treatment facility in Stavanger, Norway.
Without the extraordinary item, Nature Group would still have seen a 40% increase in pretax profit to GBP1.4 million after revenues increased 36% to GBP11.0 million.
Nature said it wants to expand the number of locations for its port reception facilities and said its capability for designing and building waste treatment facilities resulted in a second order from the British Ministry of Defence for one of its overseas territories, worth GBP2.4 million. It said the contract win reflects its five year strategy for growth in major shipping centres and within the oil and gas industry.
Nature said it was confident that it can see further growth gains because there is an "economic need" and "continuing quest for improvement in environmental standards".
However, the company said it was not ready to pay an interim dividend and said it was aware shareholders would be disappointed after it didn't pay a dividend for 2012. "If the current year performance continues on track, we would anticipate a return to the payment of a final dividend after the publication of our full year results for 2013," Nature said.
Nature Group shares were Tuesday quoted at 41.00 pence, up 4.00p, or 11%.
By Samuel Agini; [email protected]; @samuelagini
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