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.
AEC cheers with educated annual growth
Liam Swords, well-connected chairman of AEC Education
Asia-focused AEC Education grew profits by more than a third last year, on a combination of strong organic and acquisitive growth.
Revenues more than doubled to £14 million at AEC, which provides educational courses up to post-graduate degree level across Malaysia, China, Hong Kong, Singapore and in the UK, as well as London Chamber of Commerce and Industry (LCCI) examinations and qualifications in Asia, in the year to December. Pre-tax profits surged 36 per cent higher to almost £1.1 million and profits after tax advanced by the best part of 50 per cent to £890,000.
AEC, chaired by well-connected sector mover and shaker Liam Swords, said its top line was partially boosted by acquisitions, including the strategically important takeover of UK-based English language training group Malvern House in July. Later, in November, AEC purchased the remaining 70 per cent interests in two educational institutes, IMS Professional Training Services and Kasturi, transactions which have positioned the business for growth in the attractive Malaysian education market.
AEC, which raised £2.1 million in total last year, ended 2009 with net cash increased 65 per cent to £3.2 million and this balance sheet strength, allied to strong growth, gave the board the confidence to propose a maiden 0.15p dividend.
Investors responded positively to the figures this morning, chasing the shares 8.5 per cent higher to 19p, where they value the business on AIM at £8.4 million.
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