Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Acquisitions transform Nature Group
Port facilities and waste water treatment specialist Nature Group (NGR) is negotiating big deals in Brazil and elsewhere after making £1.5 million pre-tax. The Jersey-based AIM counter says both its 2010 profits, marginally down on 2009, and its turnover, up 33 per cent to £6.8 million, would have been transformed had December's £16 million shares and cash takeover of Dutch offshore waste collection group International Slop Disposal (ISD) and its subsidiary Ecoscrub taken place earlier in the year.
The 'slop and scrub' takeover has turned Nature Group into Europe's leading maritime waste reception and treatment concern, with ISD, No 1 maritime and offshore waste collector in the key Dutch port of Rotterdam, a major part of the enlarged company. ISD's boss Andreas Drenthen has become chief executive and his colleague Bernard Muller deputy chairman of Nature Group, which, already well versed in catering for the oil, marine and process industries, can now combine its own capabilities in waste water treatment both onshore and offshore with ISD's expertise in logistics and management and its key relationships in the field.
Nature chairman Richard Eldridge confirms that consolidating Nature's results with those of the Dutch groups would have doubled 2010's net profits to £3 million on turnover of nearly £16.4 million. The company, which ended 2010 with cash up by £4.12 million to £5.7 million after a £3 million placing at 50p, proposes a 16.6 per cent dividend increase to 0.7p a share, says integration of the Dutch companies is already bearing fruit.
The pre-acquisition company, operating out of Gibraltar and Malta, increased Gibraltar revenues 25 per cent last year and is now expanding reception tonnage from 7,000 to 12,000 tonnes. Nature won a turnkey oil waste treatment contract for Duqm Oman in the Gulf and, though its oil services side suffered from major contract teminations, a restructuring of this division is expected to bear fruit this year.
Analysts see the transformed Nature more than trebling pre-tax profits to £6.8 million this year, with £8.2 million pre-tax on the cards for 2012. Recommended by Growth Company Investor at 20.5p in 2009, the shares now stand at 81.5p, valuing the company at £63.4 million and yielding a prospective 2 per cent.
Hold on.
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