RNS Number : 0117E
Nature Technology Solutions Limited
23 September 2008
Nature Technology Solutions Ltd
(the "Company")
Interim 2008 Results
Results
I am pleased to report that the improvement in performance by the Group in 2007 has been maintained, with the achievement of a Group net
profit for the six months ended 30th June 2008 of �193,883, compared with �33,339 for the same period in 2007. Attributable turnover in the
six months increased to �1,420,872 compared to �967,056 last year. The profit shown includes a one-off currency translation gain of �32,190,
which under international accounting standards is correctly included in the Profit and Loss account. Excluding this gain, Group profits for
the period still showed an excellent increase over the same period last year.
Whilst revenues from deliveries of equipment, services and technology increased modestly over the same period of 2007, our share of
joint-venture revenues from Gibraltar and Norway maintained the growth we had planned for, but Gibraltar revenues may now flatten out in the
second half on a comparative basis to last year, due to the 'non-recurring' pollution stand-by contract awarded in the final six months of
2007.
Other financial aspects
The reduction in net cash as at 30th June 2008 was a consequence of the increased level of turnover leading to higher receivables and
the timing of dividend receipts from our joint ventures operations. However, the receipt of dividends in July 2008 onwards has restored the
cash position to a level comparable to 2007. It should be noted that substantial cash reserves that may build up in our joint ventures are
not consolidated in these accounts unless transferred to joint venture partners by way of internal dividend.
With the contracted deployment in the second quarter of our Offshore Treatment Unit ('OTU'), we have felt it prudent to commence the
depreciation of the build and development costs of this unit , although our technology for offshore treatment could still be regarded as in
a development phase . However, there is further penetration of the OTU market to achieve, despite our currently successful offshore phase as
referenced below.
Treatment Units
As announced in my Chairman's Statement of June 2008 , our 'OTU' was deployed to a drilling rig in Norway at end-April and will remain
on that contract to at least mid October. Our discussions with regard to offshore treatment of rig-based fluids waste in Norway are
continuing and may lead to further supply contracts for 2009 - either on a rental or outright sale basis. Also at end July, I announced the
award to the Group of a contract to supply a modular treatment unit to a major oilfield service group in Kazakhstan for delivery within
2008, and that contract is now under final engineering design and manufacture.
Gibraltar and Port activities
Our Gibraltar joint venture achieved useful growth once again as highlighted above, and we are actively reviewing business opportunities
to further increase its long term revenues and profits. Our Ports-related team is responding to several enquiries for stand-alone treatment
plants in a number of locations in the Mediterranean and Middle East.
Other locations
Whilst it is also our plan to secure a suitable commercial entry to a UK North Sea port location such as Aberdeen, and indeed to
diversify into related activities in the UK, we have not yet been able to secure such an opportunity on suitable terms.
Share Capital
Under prevailing Stock Market conditions it is not proving possible to achieve the growth in capital value, as expressed by our quoted
share price, that we had hoped to deliver to shareholders,even though our results are generating useful net earnings per share. However, we
will continue to focus on building valuable environmental treatment businesses within our Group which, if successful, should contribute to
progressively increasing the inherent value attributable to shareholders..
In conclusion, shareholders will be aware that in July the consolidation of our share capital was approved and implemented. As a result
your Company now has in issue 24,819,669 ordinary shares of 0.2p nominal value per share. All shareholders will have received new share
certificates reflecting their consolidated shareholding, being one twentieth in number of those previously held.
Richard Eldridge
Chairman
23 September 2008
For further information:
Nature Technology Solutions Limited
Richard Eldridge, CEO Tel: 0798 940 5181
Peter Snell, Non-Executive Director Tel: 07000 892 481
Seymour Pierce Limited
Jonathan Wright, Director Tel: 020 7107 8000
PROFIT AND LOSS ACCOUNT
FOR THE HALF YEAR TO 30TH JUNE 2008
Unaudited Unaudited Audited
Six months to Six months to Yearto
30/06/2008 30/06/2007 31/12/2007
� � �
REVENUE Subsidiary operations 633,077 531,097 1,030,888
Joint venture 787,795 435,958 1,223,346
1,420,872 967,055 2,254,234
OPERATING COSTS Subsidiary operations (324,044) (260,272) (517,375)
Joint venture (441,452) (235,094) (616,019)
OPERATING PROFIT 655,376 471,689 1,120,840
Interest receivable 1,558 528 18,962
Administrative costs (354,427) (365,068) (582,878)
Bank interest and charges (7,859) (12,237) (24,496)
Profit on exchange 32,190 - 23,571
Depreciation and goodwill amortisation (132,955) (72,323) (164,015)
Profit on ordinary activities before taxation 193,883 22,589 391,984
Minority interest - 10,749 -
Taxation on profit on ordinary activities - - (79,873)
Profit for the financial period 193,883 33,338 312,111
Basic profit per share on shares in issueas at 30th June 2008. 0.00039 0.00007 0.00064
Basic profit per share on shares currently in issue 0.0078
BALANCE SHEET AT 30TH JUNE 2008
Unaudited Unaudited Audited
As at As at As at
30/06/08 30/06/07 31/12/07
� � �
ASSETS:
Non current assets
Plant and equipment 708,408 511,653 678,762
Intangible assets 234,137 148,988 152,172
Investments 2,121,852 1,799,846 1,954,553
Deferred tax asset 58,939 110,888 85,047
Total non current assets 3,123,336 2,571,375 2,870,534
Current assets
Trade and other receivables 506,255 98,999 305,780
Cash and cash equivalents 3,167 556,556 268,375
Total current assets 509,422 655,555 574,155
TOTAL ASSETS 3,632,758 3,226,930 3,444,689
LIABILITIES:
Current liabilities (283,434) (322,754) (323,304)
Non -current liabilities
Long term loan (240,807) (287,246) (227,085)
Minority interest - (1,402) -
NET ASSETS 3,108,517 2,615,528 2,894,300
EQUITY
Called up share capital 49,639 46,859 49,239
Share premium 1,998,570 1,981,016 1,978,636
Capital Reserve 2,864,130 2,864,130 2,864,130
Profit and loss account (1,803,822) (2,276,477) (1,997,705)
Total equity attributable to equity shareholders 3,108,517 2,615,528 2,894,300
CASH FLOW STATEMENT
FOR THE HALF YEAR TO 30TH JUNE 2008
Unaudited Unaudited Audited
half year to half year to year to
30/06/08 30/06/07 31/12/07
� � �
Reconciliation of operating profit to net cash flow from operating activities:
Operating profit 193,883 33,338 391,984
Depreciation 132,955 72,323 9,539
(Increase)/Decrease in debtors (200,475) 106,392 (74,548)
(Decrease)/increase in creditors (26,148) 89,704 (49,780)
Decrease/(Increase) in minority interests - (10,749) (12,151)
Net cash from operating activities 100,215 291,008 265,044
Investing activities:
Increase in investments (167,299) (83,990) (238,697)
Acquisition of fixed assets (198,124) (150,084) (257,594)
Financing activities:
Cash consideration from issuance of shares - 287,720 287,720
net of issuance costs
Increase/(Decrease) in cash balances (265,208) 344,654 56,473
Movement in cash balances:
Balance at bank 1st January 2008 268,375 211,902 211,902
Net cash inflow/(outflow) (265,208) 344,654 56,473
Balance at 30th June 2008 3,167 445,907 268,375
Notes to the accounts:
1. The calculation of profit per share has been based on the profit for the period and the average 492,393,384 Ordinary Shares in issue
throughout the period.
2. These unaudited results have been prepared on the basis of the accounting policies adopted in the accounts to 31 December 2007.
3. The interim report to 30 June 2008 was approved by the directors on 22 September 2008. The report will be posted to shareholders and
will be available to the public, free of charge, from the officies of Seymour Pierce Limited, 20 Old Bailey, London EC4M 7EN.
This information is provided by RNS
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