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.
Healthcare Locums shares suspended pending investigation
Fast growing staffing firm Healthcare Locums (HLO) has suffered a major fall from grace with news that its shares have been suspended with immediate effect. There is a great deal of uncertainty surrounding the sudden an expected announcement but Healthcare says that its financial performance will now be materially below expectations. Of perhaps more concern is that serious accounting irregularities have been uncovered so the company has instigated an immediate investigation and suspended colourful founder Kate Bleasdale and finance director Diane Jarvis.
In November the company acquired Australia based rival Healthcare Australia Holdings (HAH) for £75.2 million in a bold move that significantly increased its size and was financed by bank debt. The move lessens its exposure to the NHS which prior to the deal accounted for less than half its gross margin. The HAH nursing agency was set up in 2004 and is a leading provider to public and private health institutions. It has a database of over 6,500 active nurses.
Chairman Alan Walker is an accountant by trade having worked at KPMG and Price Waterhouse, he is also CEO of Inveresk and Executive chairman of SWP. Last year Healthcare issued a profits warning after a change in its accounting policy to reflect revenue when a candidate starts - rather than accepts a position. This led to a reduction in market forecasts and prior to the news today profits estimates for 2010 ranged from £22 million to £25 million. Shares in Healthcare have been frozen at 112.5p valuing the company at £127.5 million, approximately half the value they traded at when in bid talks last year.
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