Nature Group said that it continues to face trading difficulties due to ongoing contract delays and as the Company looks to improve the performance of its operations.
The Company's Chairman, Berend van Straten, issued the following statement at today's Annual General Meeting:
"As set out in our annual report and accounts for the year ended 31 December 2016, the Company has been working hard to improve the efficiency of its business and to meet the demands of the challenging market in which it operates. The recent delay to a significant Oil & Gas contract, as announced on 15 June 2017, and the absence of new contracts in this division, is further evidence of the difficulties that the Company will continue to face as it endeavours to improve the performance of its existing operations and to widen its product offerings.
"As outlined in the final results announcement of 31 May 2017, the Board is closely monitoring the cash position of each of its entities. The Company continues to pursue opportunities but, in the absence of additional material contracts in the short term, the cash position of the Group will continue to deteriorate and it is expected that external financing may be required. Therefore, as well as immediately implementing further reduction in operational cost as well as the Group overhead, the Board is also exploring opportunities to strengthen its balance sheet and the financial position of the Company."
At 2:57pm: (LON:NGR) Nature Group PLC share price was -3.5p at 3.63p