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.
Interim turnaround at turnaround backer
Volvere, the AIM-quoted turnaround investment specialist, has turned a £388,000 first-half loss into £145,000 pre-tax profits.
The company, chaired by former retail tycoon and ex-Tory party treasurer Lord Kalms, saw revenue from continuing operations slide by £829,000 to £4.6 million, but £350,000 investment revenue, £104,000 of other gains and a £670,000 fall in finance expenses to £307,000 helped take it into the black.
Group net assets showed a marginal increase to £18.43 million. London-based Volvere ended June with £9.95 million cash and investments for sale of £9.92 million at cost and now valued at £10.81 million, taking the total available for new investment to a little more than £20 million.
Chief executive officer Jonathan Lander says marketing and data services concern Interactive Prospect Targeting (IPT), Volvere's 45 per cent-owned key holding, 'significantly outperformed' the board's expectations. IPT generated enough cash to justify a further dividend of £770,000, of which £350,000 went to Volvere, even though interim operating profits achieved by IPT still slipped 38 per cent to £630,000 on revenue down 17 per cent to £4.27 million.
According to Lander, Volvere's security solutions investment continued to make steady progress, with £50,000 interim pre-tax profits and £300,000 revenue representing 'a modest improvement'. He adds the company's investment portfolio has performed 'extremely well' since the end of June.
The current environment 'remains attractive' for Volvere, comments Lander, who speaks of reviewing 'an ever-increasing quantity of deal flow'. He says the board is 'rigorous' in its approach to these opportunities and will only consider investment candiates where the company can add significant value, 'whether or not there is an economic recovery'.
Volvere's shares have fluctuated between 245p and 340p over the past year and now stand at 277.5p, up 5p this morning. That values the company at £15.6 million.
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