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.
Golden update from H&T
Pawnbroker H&T has released an ebullient trading update for the year to December in which it notes the rising price of gold has helped drive new business.
The AIM-quoted company enthused that it expects full-year pre-tax profits to be ‘above the top end of current market expectations’ with ‘all business segments’ expected to show a growth in profits. This was driven by the ‘continued rise in the price of gold’ with the Surrey-headquartered concern adding that gold purchasing profits have ‘risen materially on 2009 levels’.
Finance director Alex Maby told Growth Company Investor that that while ‘we don’t believe there is a shortage of gold’ there is a ‘world of uncertainty’ relating to the future purchasing of gold, with Maby noting that gold purchasing volumes are ‘still materially above historical averages.’
Regarding the possible threat from Tesco, who recently begun offering a gold purchasing by post service Maby commented that customers looking to sell their gold ‘don’t want to wait ten days for their cash, they want it straight away’, something a postal service could not offer.
In the coming year he sees growth coming through the opening of 15-20 new stores and a new service called ‘H&T light’ which Maby described as ‘a cross between our normal stores and a gold bar.’
Following the update, house broker Numis increased its December 2010 forecasts from £23 million to £26.1 million, with a fall in pre-tax profits to £13.9m on turnover down £29.8 million to £92.8 million pencilled in for the year to December 2011.
Recommended in August of 2009 by Growth Company Investor at 260 pence, the shares have gained 23 per cent since, currently trading at 320 pence. With a fall in profits expected for the year to December 2011 we think that now could be an appropriate time to take some profit, while retaining a significant chunk for further gains.
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