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.
Hydro International on the prowl
Water treatment specialist Hydro International (HYD) is scouting potential £5 to £10 million takeovers as it pushes into new Asian markets. The AIM-quoted company, which provides outsourced products to treat waste water and flood water and does a big part of its business in the USA, is looking for technologies and/or businesses to buy as it pitches for significant contracts in Malaysia and elsewhere.
Hydro, steered by Portland, Maine-based chief executive officer Stephen HIdes, has identified South East Asia as one of the regions where environmental concerns are starting to breed regulations forcing municipalities, water companies and construction groups to address the requirements which its products can satisfy. The company, which late last year won a £15.6 million contract to supply its 'Zickert Sludge Scraper' technology for Thames Water's Beckton sewage plant, plans to launch its Hydro Sludge Screeen water treatment, already used in the UK, into the US market and is also working on new products to stay ahead of the game.
A market leader in the USA since its 2008 takeover of grit removal concern Eutek (for £5 million down and another potential £2 million deferred) brought it a crucial US agents' network, Hydro says the introduction of its 'Grit King' product for water plant upgrades was a 'game changer' for the company. Typically carrying £5 million cash, according to chief financial officer Tony Hollox, the company is considering mostly private businesses as bid targets and does not rule out using its paper as well as cash or bank facilities.
Though in long-term growth markets and 'green' because its mostly hydraulic products need no fuel and leave no carbon footprint, Hydro has not been immune from private and public sector spending constraints. In the first half of 2010, turnover fell 22 per cent to £11.1 million, but cost savings and a weak pound helped interim pre-tax profits gain 20 per cent to £600,000 pre-tax and house broker Arden sees a 10 per cent full-year increase to £2.1 million, with £2.4 million pre-tax on the cards for 2011.
Recommended by Growth Company Investor last year at 99p, Hydro shares now stand at 109p, yielding 3 per cent, and value the company at nearly £16 million, for an undemanding prospective PE ratio of10. They look worth a medium term flutter.
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