29th Sep 2006 07:01
Nature Technology Solutions Limited29 September 2006 Nature Technology Solutions Limited Interim Results for the 6 months ended 30 June 2006 Chairmans statement Dear Shareholder, In the six months under review, our efforts were concentrated on the continueddevelopment of the new Nature offshore rig unit. Additional shareholder funds of£215,000 were contributed in April through a small placing to ensure the Grouphad the resources in place to move forward in achieving this new horizon ofopportunity. In this period our joint venture operations in Gibraltar (50% owned) andStavanger (40% owned) demonstrated continuing growth in services and combinedvolume of activity, together contributing a Group turnover share of £516,456against £383,198 in the same period in 2005. Our first half delivery ofequipment again reflected our commitment to the development of our offshore rigservicing business, but a further plant delivery to our major client in Denmarkwas shipped in first week September and will contribute to second half turnover. I am pleased to announce that the result for the Group in the six months ended30th June 2006 showed a retained profit after tax of £30,656 after alldepreciation and amortisation costs (2005 loss £33,248). Earnings before theseitems, interest and tax (EBIDT) amounted to £103,888. Our new subsidiary (60% owned) Northern Treatment, through which the Norwegianoffshore rig sector will be serviced, has just taken delivery of our firstcontainerised offshore rig wastewater treatment unit which has completedoperating tests satisfactorily and will now commence trials on treatment ofoffshore wastes. Designed and commissioned by the Nature Group team this unit,built with state of the art treatment application and control capabilities(utilising the patented Nature Technology green additive), is we believe thefirst of many units that Nature will commission for use both in the NorwegianNorth Sea and elsewhere offshore. We hope soon to advise shareholders further as to initial commercial deploymentsfor this unit in the Norwegian sector and of the programme for both staffingNorthern Treatment and building further units. The Nature Group continues to pursue commercial delivery of it's waste watertreatment skills on projects in Scandinavia, Europe and further afield. Theongoing application of our unique additive to reservoir produced waters from oilfields also remains an important opportunity for us, particularly with over 5years of research and trials to date with several major oil companies. Whilst our share price remains at around the net asset value (at cost) of theGroup we believe that the potential of our technologies should be reflected in ahigher value. Shareholders may wish to further support the evolution of thispotential, and so benefit our share price. A new Nature Technology investorwebsite at www.investnature.com has been established as a medium for advising asto progress on the key elements of our planned developments. This site has adirect link to our technical and industry marketing websitewww.naturetechsolution.com. In addition we expect that our new offshore unitwill be featured shortly in a leading industry oil, gas and offshore journal andsuch articles will in future be posted on our investor website. In conclusion we have taken this opportunity to convene an Extraordinary GeneralMeeting to increase our authorised capital ahead of the opportunities for growthin the Group's activities. You will find a Notice of Meeting and proxy attachedherewith.Yours sincerelyRichard Eldridge 28th September 2006. Chairman Profit and Loss AccountFor the half year to 30 June2006 Unaudited Unaudited Audited Six months Six months to Year to to 30 June 30 June 2005 31 December 2006 2005 £ £ £TURNOVER Continuingoperations 111,408 158,609 183,878Joint ventures 516,456 383,198 749,944 ---------- --------- ---------- 627,864 541,807 933,822OPERATING COSTS Continuingoperations (99,198) (107,503) (118,770)Joint ventures (187,249) (152,982) (313,382) ---------- --------- ----------OPERATING PROFIT 341,417 281,322 501,670Interest receivable 4,177 600 8,736Administrative costs (237,403) (251,474) (479,781)Bank interest and charges (9,403) (986) (3,930)Depreciation and goodwillimpairment cost (2,927) (5,442) (22,676)Depreciation and goodwill injoint venture companies (65,079) (57,268) (115,240) ---------- --------- ----------Profit on ordinary activitiesbefore taxation 30,782 (33,248) (111,221)Taxation on loss on ordinaryactivities (126) - (1,397) ------- --------- ---------- ---------- ---------Profit/(Deficit) for thefinancial period 30,656 (33,248) (112,618) ---------- --------- ----------Basic profit/(loss)per share 0.00008 (0.00011) (0.00033) Consolidated Balance sheet at Unaudited Unaudited Audited30 June 2006 As at As at As at 30 June 30 June 2005 31 December 2006 2005 £ £ £ Fixed assets 137,000 46,447 98,559Intangible assetsTangible assets 283,080 49,010 28,134Investments 1,750,023 1,553,279 1,568,281 ---------- --------- ---------- 2,170,103 1,648,736 1,694,974Current assets 40,215 - -StockDebtors 267,443 165,422 251,688Balance at bank 445,907 16,169 564,082 ---------- --------- ---------- 753,565 181,591 815,770Creditors: amounts falling duewithin one year (292,908) (60,832) (137,640) --------- --------- ----------- --------- ---------Net current assets 460,657 120,759 678,130Creditors: amounts falling dueafter one year (187,826) - (186,207)Minority interest (44,511) - (34,611) ---------- --------- ----------Net assets 2,398,423 1,769,495 2,152,286 ---------- --------- ----------Capital and reserves 43,959 29,959 39,559Called up share capitalShare premium 1,696,196 1,032,554 1,485,115Capital Reserve 2,864,130 2,864,130 2,864,130Profit and loss account (2,205,862) (2,157,148) (2,236,518) ---------- --------- ----------Shareholders funds 2,398,423 1,769,495 2,152,286 ---------- --------- ---------- Cash flow statement Unaudited Unaudited AuditedFor the half year to 30 June 2006 half year half year year to to to 30 June 30 June 31 December 2006 2005 2005 £ £ £Net cash flow from operatingactivities: 35,882 (32,862) (116,027)Operating profit/(loss)Depreciation 2,927 5,442 27,262(Increase)/Decrease indebtors (15,755) 79,964 (6,302)(Increase)/decrease in stock (40,215) - -(Decrease)/increase increditors 156,887 (91,401) 169,527Increase in minorityinterests 9,900 - 34,611 ---------- -------- ---------- 149,626 (38,857) 109,071Return on investments andservicing of finance: 4,177 600 8,736Interest receivedInterest paid (9,403) (986) (3,930)Financing: 215,481 - 462,161Issuing of ordinary share capitalCapital expenditure: (38,441) (4,150) -Acquisition of intangible fixedassetsAcquisition of tangible fixedassets (265,387) (3,258) (59,774)Increase in investments (181,742) (37,678) (52,680) ---------- -------- ----------Decrease in cash balances (118,175) (84,329) 463,584 ---------- -------- ----------Movement in cash balances: 564,082 100,498 100,498Balance at bank 1 January 2006 ---------- -------- ----------Net cash outflow (118,175) (84,329) 463,584 ---------- -------- ----------Balance at 30 June 2006 445,907 16,169 564,082 ---------- -------- ----------Notes to the accounts 1. The calculation of profit per share has been based on the profit for theperiod and the average 417,593,384 Ordinary Shares in issue throughout theperiod. 2. These unaudited results have been prepared on the basis of the accountingpolicies adopted in the accounts to 31 December 2005. 3. The interim report to 30 June 2006 was approved by the directors on 28September 2006. The report will be posted to shareholders and will be availableto the public, free of charge, from the officies of Seymour Pierce Limited,Bucklersbury House, 3 Queen Victoria Street, London EC4N 8EL. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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