Nature Group shares down on disappointing first half

The AIM-traded firm underlying pre-tax loss for the period of £0.42m, swinging from a modest profit of £0.06m at the 2015 interim.

Underlying losses per share were 0.53p for the period, compared with earnings of 0.03p a year ago, and the company reported a cash balance at period-end of £0.33m, compared to £2.44m.

“The group’s results over the first six months of the year have been disappointing,” said chairman Berend van Straten.

“In this period of continued weakness and uncertainty in the oil market, it is clear that we have not been able to realise our ambition to deploy more units.

“We can, however see increased interest in our offshore service offering from operators and continue to believe that demand for our services will improve.”

Van Straten said the company will remain active to get its costs to a “structurally acceptable” level without compromising on key expertise.

“We are confident of concluding the sale of our entity in Gibraltar in the near future.

“If concluded successfully, we will be able to complete the restructuring of the group and will have a stronger balance sheet allowing us to focus on growing our maritime activities in Houston and Rotterdam and broaden our service offering in our Oil and Gas division.”

At 0922 BST, shares in Nature Group were down 8.53% to 4.34p.