Nature hit by unresolved Gibraltar claim

published 6 June 2012

Maritime waste treatment company Nature Group said it experienced a year of contrasting experiences as it made progress integrating its two companies while results were hurt by an unresolved insurance claim relating to an accident in Gibraltar

Pre-tax profit rose to £1.52m for the year to 31st December 2011 compared to £1.5m the year before. The small increase was as a result of a rise in administration expenses due to a combination of exceptional costs in respect to the accident and business integration, as well as the enlarged group, Nature said.

Revenues, which included 22 days from the acquisition of ISD, more than doubled to £15m from £6.8m previously. Operating profit jumped to £6.1m from £3.2m.

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Chairman Bernard Muller commented, "2011 was a year of contrasting experiences. We made great progress in the integration of our two companies and in furthering our expansion plans. "

However the successes of 2011 were overshadowed by an explosion within its storage tanks in an area of the port shared with the cruise liners in Gibraltar, which resulted in significant repairs and clean-up costs. The costs have been absorbed into results for 2011. Another £0.20m has been written off relating to legal and professional advice arising from the incident.

Cash balances at the close of 2011 were £2.91m compared to £5.74m at the end 2010.

A total dividend 0.5p per share has been offered for the year compared to 0.7p the year before.