25 Nov 2013 07:00
November 25th 2013
Nature Group PLC
Trading Update
Nature Group, the leading maritime and offshore waste specialist, is pleased to provide the following update to shareholders further to that given with the Interim results on September 17th 2013.
Maritime Division
Planning approval for rebuilding the Gibraltar plant, damaged by fire in May 2011, has been delayed due to the local planning authority requiring a limited Environmental Impact Assessment ('EIA') report over and above the work already carried out. Steps are being taken to speed up this process and we shall continue to work diligently with all Gibraltar authorities and the Government of Gibraltar in order to deliver the requested limited EIA as soon as possible.
In addition, difficult market conditions in the maritime market combined with the introduction of new legislation at the beginning of the year in the Netherlands has meant higher costs of operations in Rotterdam in order to comply with this legislation. The division has seen a small increase in volumes but at a lower margin and also with a reduction in the value of oil recovered.
As a consequence of these factors the results for the maritime division are currently below expectations. However, we continue to be actively engaged in developing our operations in Sohar, Oman, and in establishing operations in Houston.
Oil & Gas Division & Engineering Division
The Oil & Gas and Engineering divisions however are to date performing better than expected and we are always pursuing potential opportunities for CTU contracts, encouraged by the continued acceptance of our unique solution.
Overall, trading in the second half of the year has been slower than in the first half and at this time the Board anticipates the results for the year ending 31 December 2013 will be below market expectations.
ENDS
For further information contact:
Nature Group PLC
Nigel Sandy, Chairman Tel 0044 1208 816 744
Andreas Drenthen, CEO Tel 0031 1812 911 44
Kieron Becerra, FD Tel 0035 0200 444 68
WH Ireland Limited
James Joyce / Nick Field, Nominated Adviser Tel 0044 207 220 1666
Seb Wykeham / Ruari McGirr, Broking Tel 0044 207 220 1666
Hermes Financial PR
Chris Steele Tel 0044 7979 604 687
Trevor Phillips Tel 0044 7889 153 628
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