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Nature Group

  • BY: Andrew Hore |
  • POSTED: 26/09/2010 |

Wastewater treatment business Nature Group reported an increase in first half revenues but the figure was not as high as indicated in the AGM statement in July.

Revenues grew from £2.71m to £3.36m in the six months to June 2010 but the board has decided to defer revenues of £560,000 related to a project in Oman. These will be taken in the second half. Pre-tax profit improved from £628,000 to £855,000. The profit contribution of the Gibraltar port reception facilities improved significantly in the first half. Net cash was £1.54m at the end of June 2010.

The ongoing development of a new port facility in Oman will be a major contributor in the second half.

A letter of intent has been signed with a company in the offshore rig sector which wants to licence the technology to Nature’s offshore treatment units and deploy them around the world.

Nature is considering acquisitions that will enable it to offer more services to shipping lines and the oil companies.

At 50p a share, Nature is valued at £19.7m.

A company related to Nature chairman Richard Eldridge sold 710,000 shares at 43p each during July. Eldridge still holds 8.6% of the company. 

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