Member Article

Global economy impacts offshore waste handler Nature Group

Maritime and offshore waste collector, Nature Group, has suffered profit falls of over 50% in the last six months.

Profits before tax dropped from £2.03m to £1.01m in the period up to 30th June, which the firm put down to the global economic climate.

The company has been established for over 25 years and offers environmentally friendly port services for oil, marine and processing industries in Rotterdam, Gibraltar and Stavanger.

Group revenues fell from £8.83m in 2011 to £8.08m for the same period this year, while the organisation announced it would defer its interim dividend to the full year while it “invests cash for expansion.”

Disappointing results were put down to the worldwide recession and investments made into expansion plans.

Bernard Muller, the company’s executive chairman, said: “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.

“The pressure on shipping companies affords us many opportunities to work more closely with our customers to bring about mutually beneficial efficiencies.

An industrial accident in Gibraltar in May was not taken into account in Nature Group’s half yearly report, as it waits for insurers to make a decision over recovering costs.

Despite challenging conditions, the firm did not incur a loss, and reported earnings of £0.93m, although this is a significant drop from £1.89m earnings in the same six month period last year.

This was posted in Bdaily's Members' News section by Miranda Dobson .