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.
SciSys chases Middle Eastern deals
Technology group SciSys has announced in a trading update for 2010 that it is looking forward to some new Middle Eastern contracts.
The AIM-quoted concern says it expects its adjusted EBIDTA to be 'ahead of market expectations', declaring that it held £4.8 million in cash at the year-end.
Having clinched a contract last year worth £1.5 million with the Egyptian Radio & Television Union, SciSys has bolstered its Middle Eastern presence in its media broadcast division, reporting it has orders with Oman Radio and Shajah Radio in the United Arab Emirates that are 'subject to confirmed letters of credit.'
Furthermore the Wiltshire-headquartered venture indicates its applications support, space and media broadcast divisions have all been 'relatively unaffected' by the public sector spending cuts, insisting that 'all are entering 2011 with healthy order books.'
Looking ahead, ScuiSys says it 'continues to face some pressure' from current public sector cuts, though it is 'encouraged' to see some public sector contracts 'begin to filter through'.
Following the update analyst Bob Liao at house broker Canaccord Genuity notes that cash at the year-end of £4.8 million was £600,000 higher than its forecasts and has raisedshis operating profit forecasts for the year-end from £1.7 million to £2 million.
Recommended by Growth Company Investor last November at 37.5p, the shares have gained 28 per cent since and have risen 6p today to 48p.
In our last coverage of SciSys we argued that the group had potential to grow its Middle Eastern presence via leveraging its work in Egypt, and the latest deals confirm this.
Though the outlook regarding the public sector cuts and its possible impact are uncertain, the news regarding some new contracts is heartening.
Hence, the group has some moderate short- to-medium term growth prospects and the shares remain a hold.
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