23rd Apr 2014 12:17
LONDON (Alliance News) - Nature Group PLC said Wednesday that it had negotiated a GBP1.4 million settlement with its underwriters for its insurance claim related to substantial fire damage at its storage facilities in Gibraltar on May 31, 2011.
Nature provides waste-water treatment services.
This settlement will be recognised in its financial statements for 2013, Nature said.
Nature also said it will make a provision of GBP818,749 in its 2013 accounts against a contract it carried out for the government of Gibraltar to dispose of contaminated soil. It said this is as a result of unplanned challenges presented during the contract, including extreme weather and higher-than-expected water in the dredged material, which led to extra logistical and operational costs.
The company said it will continue discussions with the Gibraltan government, which is disputing Nature's claim for compensation.
Nature said it will will announce its full year results on May 8.
Shares in Nature were trading down 0.9% at 24.53 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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