Nature Group to miss market expectations for 2015

Nature Group, a provider of port reception facilities and waste treatment solutions, expects full year pre-tax profit to be substantially lower than market expectations, with a trading loss for the year.

In a trading update for the year ended 31 December, the company said while sales will be broadly in line with market views, pre-tax profit would miss due to challenging industry-wide trading conditions and adjustments relating to certain receivables.

In addition, Nature said it will incur non-trading write downs and restructuring costs in relation to its operations in Norway and Gibraltar.

Still, the company said it made progress in 2015, when it announced the discontinuation of its Gibraltar operations.

It also restructured and supported its ongoing business such that, excluding its Gibraltar operations and other one-off costs, its ongoing operations were profitable for the year.

Nature said this trend has continued into 2016, with an encouraging performance at its Maritime operations in Houston and Rotterdam and a pipeline of opportunities in the oil and gas division.

At 1520 GMT, Nature shares were down 12.7% to 8.62p.