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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Nature Grp | LSE:NGR | London | Ordinary Share | JE00B3B5FZ40 | ORD 0.2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMNGR
RNS Number : 1729S
Nature Group PLC
28 September 2017
Nature Group PLC
("Nature" or the "Company" or the "Group")
Unaudited Interim Results for the 6 months to 30 June 2017
Nature Group PLC (AIM:NGR), the provider of port reception facilities and waste treatment solutions for the oil, marine and process industries, announces its interim results for the six months ended 30 June 2017.
Financial Performance
-- Revenues for the period of GBP 5.4 million (H1 2016: GBP 6.2 million)
-- Underlying pre-tax loss of Continuing Operations for the period of GBP 1.8 million (H1 2016: loss GBP 0.9 million)
-- Finalized the sale and transfer of the NPRF Gibraltar assets on 16(th) of January 2017 for a consideration of GBP4.0 million.
-- Profit from Discontinued Operations for the period of GBP 2.0 million (H1 2016: loss GBP 0.6 million) due to the combination of a book profit on the sale of NPRF Gibraltar and a book loss due to the dissolvement of Nature Environmental Services Limited ("NESL") in Jersey .
-- Underlying earnings per share for the period of -2.26 pence (H1 2016: -0.81 pence)
-- Net indebtedness at 30 June 2017 was GBP1.0 million (H1 2016: GBP0.36 million cash and cash equivalents).
-- Since the period end, the Board has been managing the cash position of the Group on a daily basis and is currently in discussions in regards to a number of strategic options which include the provision of immediate liquidity to the Group.
Chairman's Statement
The first six months of 2017 has been a very disappointing period for the Directors of Nature Group. 2017 started optimistically with the sale of our Gibraltar business to World Fuel Services for a total consideration of GBP4 million of which GBP3.2 million has been received and GBP0.8 million is held in escrow until January 2019, against any unforeseen liabilities that might arise in that period.
Trading in the first six months of 2017, has, however, been challenging. The Oil and Gas division has continued to struggle, and has consequently drained the Group's financial resources as contracts were delayed or failed to materialise. Our initial inability to flex the Group overhead to match the downturn was not helpful.
As announced in July, the Board had to act decisively and as a first step, the CEO and CFO left the Group. In their place, Andreas Drenthen, who held a non-executive position on the Board, and who is based in Rotterdam and has significant experience in the Maritime sector, has been reappointed Chief Executive Officer. René Verbruggen has been appointed to the Board as non-executive director and is currently closely supervising our financial resources and leading on the financial reporting. He has held a number of senior financial appointments in a similar capacity, and more importantly in business turnaround situations where his experience is already benefiting the Board. For an interim period, I intend to lead the Board with just Andreas and René to ensure close communication and rapid decision-making.
Turnaround Plan
One of the first decisions the restructured Board has taken, is to undertake a strategic review of all of the Group's operations. This remains ongoing. As well as continuing to scrutinise and reduce the Group's overhead we are in negotiations with a number of parties about the immediate financing, structure and strategic direction of the business. In addition, we are ensuring that the Board is monitoring, on a daily basis, the precarious financial position. Cash is being closely supervised. We look forward to updating shareholders as soon as possible on the outcome of our negotiations and expect to be able to do so within a few weeks.
Oil and Gas Division
The volatility in oil prices has curtailed offshore exploration which is the Oil and Gas Division's target market. Although we had secured a significant contract with Maersk, the start was delayed and the division was not able to secure any additional material contracts despite the technological superior process we have in comparison to our competitors. Overheads have been cut but we continue to carrying a high fixed cost base which continues to put pressure on the Group's cash flow. In previous periods, Nature Group had the confidence to invest considerable resources in this division and we continue to receive a flow of contract enquiries from clients. Accordingly, the Board still believes that a reorganized business model has a good future in this sector.
Maritime Division
Nature Group has a substantial and market-leading position in Rotterdam for the removal and treatments of ships generated and cargo related waste. Working in the largest port in Europe and the third largest in the world provides the scope to increase the services Nature Group offers. Our services are backed up by waste and environmental legislation in Europe. The take up by ship owners is not discretionary and is strictly monitored by environmental regulators.
The strategic review has highlighted that the distraction from having to chase oil and gas contracts has, to a limited extent, had an impact on the Maritime operations. This is currently being addressed to exploit the growth potential we have always identified for this division.
The Texas based operation, acquired in 2014, has, after an encouraging start, seen in this period a reduction in business from both support service companies and oil and gas operators in the US Gulf. This business is now being refocused to increase the range of shipping services being offered with barge support and tank cleaning adding to existing operations. We also continue to maintain an interest in Middle East port opportunities.
We believe that giving even more focus to the Maritime Division allows us to become a dedicated service business with strong growth potential. In line with our longer term aim to expand our reach outside of Europe, we see the potential of working in partnership with international waste management and environmental businesses that are looking to expand their activities into the Maritime sector.
Outlook
The Board understands shareholders frustrations that we have not been able to fulfil past optimism and has worked tirelessly to review all aspects of Nature's operations. We are continuing the restructuring that started in previous periods which will be critical to the Group's survival and success and are confident that we are putting in place a creditable and forward looking turnaround plan. Our cash position is extremely difficult and, as outlined above, we are working with partners to attempt to address our immediate liquidity concerns.
For further information contact:
Nature Group PLC
Andreas Drenthen, CEO Tel: + 31 653261484
Berend van Straten, Chairman Tel: + 31 626805605
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
Nature Group is traded on the AIM market, (ticker: NGR). www.ngrp.com
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Unaudited Unaudited Audited For the half year 30 June year to to 30 June 2017 30 June 2017 2016 2016 GBP GBP GBP Continuing operations Revenue 5.362.780 6.166.292 11.990.529 Cost of sales (3.503.578) (3.668.381) (7.332.730) ------------- ------------ -------------- Operating profit/(loss) 1.859.202 2.497.911 4.657.799 Other expenses - - (203.961) Share based payments - - 3.699 Administrative costs (3.026.092) (2.911.854) (5.814.627) Depreciation and goodwill amortisation (493.279) (445.259) (1.141.913) Goodwill write off - 0 - Finance costs (110.664) (20.780) (35.650) Profit/(Loss) before taxation (1.770.833) (879.982) (2.534.653) Income tax gain/(expense) (20.211) 110.319 285.013 Profit/(Loss) for the year and total comprehensive income for the year from continuing operations (1.791.054) (769.662) (2.249.640) ============= ============ ============== Discontinued operations Profit/(Loss) for the year and total comprehensive income for the year from discontinued operations 2.077.620 (601.127) (1.055.144) Profit/(Loss) for the year and total comprehensive income for the year 286.566 (1.370.788) (3.304.784) ============= ============ ============== Attributable to: Owners of the parent Profit/(Loss) for the year from continuing operations (1.770.833) (769.662) (2.249.640) Profit/(Loss) for the year from discontinued operations 2.077.620 (601.127) (1.055.144) ------------- ------------ -------------- Profit/(Loss) for the year attibutable to owners of the parent 286.566 (1.370.788) (3.304.784) Non-controlling interest: Profit/(Loss) for the year from continuing operations - 125.173 47.367 Profit/(Loss) for the year from discontinued operations 61.056 - 132.187
------------- ------------ -------------- Profit/(Loss) for the period attributable to owners of the non-controlling interest 61.056 125.173 179.554 Profit/(Loss) for the year and total comprehensive income for the year attributed to owners 347.622 (1.245.615) (3.125.230) ============= ============ ============== Earnings per share (pence): From continuing operations: Basic (2,259) (0,813) (2,778) Diluted (2,192) (0,813) From discontinued operations: Basic 2,698 (0,758) (1,164) Diluted 2,617 (0,758) Profit/(Loss) after tax, before share based payments 347.622 (1.245.615) (3.128.929) Excluding Share based payments (2,259) (0,813) (2,778) ----------------------------------- ------------- ------------ -------------- CONSOLIDATED BALANCE SHEET As at 30 June 2017 Unaudited Unaudited Audited 30 June 30 June 31 December 2017 2016 2016 GBP GBP GBP Assets Non-current assets Plant, vessels and equipment 8.150.475 6.303.694 8.341.330 Goodwill 1.174.448 961.489 1.238.137 Other intangible assets 19.846 129.022 17.680 Investment in associated company 308.446 308.446 308.446 Deferred tax assets 494.029 264.202 478.508 Total non-current assets 10.167.464 7.966.853 10.384.100 ------------- ------------- ------------- Current assets Insurance Recoveries on 3rd Party Claims 1.665.682 - 1.593.352 Corporate taxes 7.427 121.864 86.978 Stocks and work in progress 107.743 1.470.253 79.234 Trade and other receivables 4.741.669 5.397.481 3.369.337 Cash and cash equivalents 426.722 328.855 383.642 Total current assets 6.949.243 7.318.453 5.512.544 ------------- ------------- ------------- Assets classified as held for sale - 5.903.509 6.387.737 Total Assets 17.096.486 21.188.815 22.284.382 Liabilities Current liabilities Trade and other payables (6.394.535) (3.683.426) (7.031.742) Bank loans and overdrafts (1.466.993) (642.888) (1.186.456) Corporate taxes (409.417) (390.784) (386.907) Provision for 3rd Party Claims (1.665.682) - (1.593.352) Liabilities directly associated with assets classified as held for sale - (5.111.259) (5.608.227) Total current liabilities (9.936.627) (9.828.357) (15.806.685) ------------- ------------- ------------- Non current liabilities Term loans (822.923) (2.920.396) (1.220.277) ------------- ------------- ------------- Net assets 6.336.936 8.440.062 5.257.420 ============= ============= ============= Equity Called up share capital 158.561 158.561 158.561 Share premium account 21.953.617 22.019.285 21.953.617 Share option reserve 107.047 110.746 107.047 Capital reserve 2.702.399 2.925.520 2.702.399 Foreign currency translation reserve 311.270 324.200 (265.625) Profit and loss account (18.804.998) (17.248.549) (19.128.164) ------------- ------------- ------------- 6.427.897 8.289.763 5.527.835 Amounts recognised directly in equity relating to assets classified as held for sale - - - ------------- ------------- ------------- Equity attributable to owners of the group 6.427.897 8.289.763 5.527.835 Non-controlling interest (90.961) 150.299 (270.415) Total equity attributable to equity shareholders 6.336.936 8.440.062 5.257.420 ============= ============= ============= CONSOLIDATED CASH FLOW STATEMENT For the half year to 30 June 2017 Unaudited Unaudited Audited 30 June 30 June 31 December 2017 2016 2016 GBP GBP GBP Reconciliation of operating profit to net cash flow from operating activities: Profit/(Loss) before taxation 306.787 (1.576.255) (3.600.996) Adjustments for: Depreciation and amortisation 493.460 504.446 1.150.457 Decrease/(Increase) in stock (28.509) (284.623) - Decrease/(Increase) in debtors (1.365.111) 1.099.299 1.798.041 (Decrease)/Increase in creditors (542.367) (1.089.716) 2.011.300 Foreign exchange differences (218.763) 587.822 30.533 Increase in reserves due to share based payments - - (3.699) Impairment of financial/fixed assets - - 646.405 ------------ ------------ ------------ Net cash from operating activities (1.354.503) (759.026) 2.032.040 Investing activities: Result from divestment of asset held for sale 1.383.284 - - Acquisition of tangible fixed assets (256.421) (392.782) (1.968.916) Acquisition of intangible fixed assets (2.166) - (166.478) Proceeds from disposal of fixed assets - 34.761 - Financing activities: Proceeds from bank borrowings (116.817) 955.768 (336.884) Proceeds from investments by non-controlling interest - - - Increase in cash balances (346.622) (161.278) (440.238) ============ ============ ============ Analysis of cash and cash equivalents during the period: Balance at start of period (693.649) 525.578 (253.411) Increase/(Decrease) in cash and cash equivalents (346.622) (161.278) (440.238) Balance at end of period (1.040.271) 364.300 (693.649) ============ ============ ============
1. The calculation of earnings per share has been based on the loss for the period and the average 79,280,655 Ordinary Shares and 2.440.000 Options in issue throughout the period.
2. These unaudited results have been prepared on the basis of the accounting policies adopted in the accounts to 31 December 2016.
3. The Cash Flow Statement incorporates both continuing operations as discontinued operations but does not provide a split as in the Consolidated Balance Sheet and Consolidated Statement of Comprehensive Income.
4. The interim report to 30 June 2017 was approved by the Directors on 29 September 2017. The report will be available to the public on the Nature Group website via www.naturegroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
September 29, 2017 02:07 ET (06:07 GMT)
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