Nature Group PLC Trading Update (4231C)
April 13 2017 - 2:00AM
UK Regulatory
TIDMNGR
RNS Number : 4231C
Nature Group PLC
13 April 2017
Nature Group PLC
("Nature Group" or the "Company")
Trading Update
Nature Group PLC (AIM:NGR), the provider of port reception
facilities and waste treatment solutions for the oil, marine and
process industries, provides an update on trading in the year ended
31 December 2016 ("FY2016").
In its announcement of 17 January 2017, the Company indicated
that it expected the loss after tax incurred for both Continuing
and Discontinued Operations during the first six months of FY2016
(GBP1.4 million) to widen substantially for the full year as a
result of various factors. Accordingly, the Company confirms that
it expects to report a loss after tax for both Continuing and
Discontinued Operations for the period of between GBP3.5 million to
GBP3.8 million, based on its unaudited management accounts. This
result reflects the impact of a number of factors and non-trading
items, including the disposal of the Company's operations in
Gibraltar, restructuring of the Oil & Gas division in Norway
and a complete write off of the Company's joint venture in
Portugal. As a consequence, the Company's cash reserves are limited
and management has elected not to proceed with some of the minor
investment opportunities or other actions intended following
completion of the sale of the Gibraltar operations.
The loss after tax attributable to Continuing Operations after
deduction of trading and non-trading incidentals, is expected to be
approximately GBP1.2 million, attributable in large part to the
difficult market conditions experienced by the Oil & Gas
division during the second half of the year. Trading conditions for
this division have improved in recent months, with the contract win
for the provision of containerised slop-treatment units in the
Central North Sea to an international oil company, announced in
December 2016 becoming operational in February 2017, albeit the
recovery has been slower than management initially anticipated.
The financial information in this announcement is unaudited. The
Company expects to announce its audited financial results for
FY2016 on Monday, 22 May 2017.
Jan Vesseur, Chief Executive Officer of Nature Group,
commented:
"The expected result for FY2016 is obviously disappointing.
However, with the sale of our Gibraltar operations in January 2017
and the decision to fully write off the value of our joint venture
in Portugal, we have removed the last non-contributing entity of
the Group and have significantly restructured our cost-base and are
now in a position to move forward. Our focus is now on our Maritime
operations in Rotterdam and Houston and our Oil & Gas
activities. As a result of the significant efforts of management in
restructuring the business through this difficult period, we expect
to achieve break-even in 2017 as a whole, but for performance to be
weighted towards an improved 2nd half, fuelled particularly by
further project wins in our Oil & Gas division and
strengthening performance in our Houston operations."
For more information
Nature Group PLC
Jan Vesseur, CEO Tel: +31 6462 878 96
Maarten Smits, CFO Tel: +31 6138 207 80
Berend van Straten, Chairman Tel: +31 6268 056 05
Cenkos Securities plc
Neil McDonald Tel: +44 (0)131 220 9771 / +44 (0)207 397 1953
Beth McKiernan Tel:+44 (0)131 220 9778 / +44 (0)207 397 1950
Nick Tulloch Tel: +44 (0)131 220 9772
About Nature Group:
Nature Group combines port reception services and facilities,
offshore treatment services and the latest sustainable waste
treatment technologies in a steadily growing global network. Nature
Group is traded on the AIM market, (ticker: NGR). www.ngrp.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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