Nature Group (AIM:NGR) – shares get a whacking on disappointing update
The maritime and offshore waste specialist issued a disappointing trading update pushing the shares down sharply, albeit on small volume
Planning approval for rebuilding of the Group’s Gibraltar plant, damaged by fire in May 2011, has been delayed due to the local planning authority requiring a limited Environmental Impact Assessment (‘EIA’) report over and above the work already carried out. In addition, difficult market conditions in the maritime market combined with the introduction of new legislation at the beginning of the year in the Netherlands has meant higher costs of operations in Rotterdam in order to comply with this legislation. As a result the results for the maritime division are currently below expectations. On a more positive note the Group’s…