Wastewater treatment company Nature Group announced in its AGM statement that first half revenues will increase from £2.7 million to £3.9 million in 2010. However, the company warned that gross margins will be lower. The ongoing development of a new port facility in Oman has hampered margins, but the project should be ready to start later this year.
Days after the trading statement was released Nature’s chairman, Richard Eldridge, sold 710,000 shares at 43p each. The transaction raised £305,000 and left him with 8.6% of the company.
The Gibraltar wastewater treatment facility has increased revenues by 45% in the first half of 2010, thanks to the oil slops and wastewater transported from Malta and Ceuta on the North African coast. The Gibraltar Government has given indicative approval for the facility to be expanded, in addition to which there could be an extension of the 17 year lease.
In Norway delays in commissioning a treatment plant delivered to Kazakhstan and continuing discussions with a drilling fluids company have held back revenues. The focus has been on upgrading the offshore treatment unit technology.
The Gibraltar operations were fully consolidated in 2009. Nature reported a profit of £1.65 million on revenues of £5.99 million, with net cash of £1.04 million at the end of 2009. A maiden dividend of 0.6p a share was announced.
At 46p a share, Nature is valued at £18.1 million. The share price has trebled over the past year.
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