Shares of maritime waste treatment company Nature Group fell after it posted a decline in half year earnings and said it would defer its interim dividend payment.
Pre-tax profit fell to £1.01m for the six months to June 30th 2012 from £2.03m for the same period in 2011. Group revenues slipped to £8.08m from £8.38m earlier. Operating profit for the period rose to £3.96m from £3.75m before.
Commenting on the results, Executive Chairman Bernard Muller said: "Revenues held up despite the inevitable impact of the recession around the world on the shipping industry."
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"We have invested heavily in this period to build the infrastructure we need to deliver our long term plan and remain confident that we are better placed than ever to assist our customers in the continuing move towards more strictly regulated environmental controls."
Nature Group said, while it is confident in the group's long-term strategy, it felt it was prudent not to pay a dividend at this stage this year.
Looking ahead the group added: "The forecasts for global shipping and associated freight rates are not currently showing signs of recovery for the remainder of this year and 2013. Whilst this inevitably impacts on our key Port Reception Facility Division, given the continuing regulatory drivers and our pipeline of new business opportunities, we remain optimistic that we will be able to meet market expectations for the year ending 31 December 2012."
CJ
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