Nature Group Share News (NGR)

LONDON (Dow Jones)--Nature Group PLC (NGR.LN) said Thursday group turnover for six months ended June 30 will be GBP3.9 million compared with GBP2.7 million in the same period last year. MAIN FACTS: -Overall gross margins will be lowered to a limited extent by the inclusion of the Omani project; This increase in revenues should result in a successful first half for the group. -For the remainder of 2010, company expects a similarly successful trading performance to the first half, with the potential of further growth linked to the offshore rig market and a number of further potential regional port expansions. -In Norway, following the continued successful operation of our first Offshore Treatment Unit, company has been focusing on the upgraded design of a second generation Unit, in parallel to continuing discussions with a leading offshore oil field and drilling fluids group as to deployment of more Units. -Onshore, Nature Group is currently commissioning the treatment Unit delivered to Kazakhstan in early 2009 where the client had deferred such commissioning until this year. -These commitments have focused efforts on future prospects rather than 2010 revenues, and together with the reduced rental income from our Unit deployed at our joint venture plant in Stavanger, have held back revenues in Norway so far this year. -In Gibraltar, company's operations achieved revenues 45% higher than first half 2009. -Following recent talks, the Government of Gibraltar have responded to company's requirements for increased tankage and site footprint, and given indicative approval for a site expansion on the North Mole; This will enable company's tankage to be expanded during 2011 from 7000 cubic meters to 12,000 cubic meters as part of an integrated covered development which will, in addition to reception and treatment operations, provide quayside tankage for other products. -This proposed arrangement would also provide for a potential extension of site lease arrangements for a further period beyond the existing 17 years and provide the same extended tenure on the new site area. -In addition, company's transshipment arrangements with Waste Oils Company Limited in Malta have been agreed to be contractually extended for a further two year term from January 2011. -In Oman the principal contractor has accelerated the site timescale for the new substantial port facility at Duqm, with all our plant modules now confidently expected to be on site in 2010. -Shares on Wednesday closed at 42 pence, valuing the company at GBP16.7 million. -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal@dowjones.com (END) Dow Jones Newswires July 15, 2010 02:34 ET (06:34 GMT)