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.
Finsbury's bread rising
AIM-quoted specialist baker Finsbury Food (FIF) reported a £100,000 rise in profits to £1.9 million as its 'bread and free from' division gained strength.
The group reported the rise in profits on sales up 6 per cent to £87.8 million for the six months to January 1, driven by a 14 per cent increase in sales in the bread and free from division, which unveiled revenue of £23.6 million. Finsbury also declared that it had made inroads into paring down its debt, reporting a net debt position of £36.8 million (2010: £40.6 million).
The group's 'free from' sales were described as being driven in particular by 'strong growth in the fresh gluten free market' and the speciality bread market from its 'Genius' and 'Vogel's' brands. Finsbury also identified a thee percent rise in sales in the 'larger cake' division, which reported sales of £64.2 million, a three per cent gain on the same period last year.
CEO John Duffy remarked that he was encouraged to see 'the return to growth of our cake division' though he warned that 'we are adopting a cautious approach with the trading environment as it is.'
Looking forward Finsbury noted that the 'early January German fresh egg dioxin scare' in its Memory Lane cake business meant a 'challenging start' to the second half of the financial year though emphasised the 'products were safe to consume' and represented 'no public health risk.'
It emphasised the aim of the business was to 'trade through these tough times, stay within banking covenants' and 'retain shareholder value' whilst positioning itself for growth.
Following the results analysts at Panmure Gordon reiterated their 'buy' recommendation and a target price of 30p. The analysts expect full-year profits of £5.8 million in 2011 (2010: £5.4 million) and EPS of 7.5p and 8.3p for 2011 and 2012, respectively.
Last recommended by Growth Company Investor as a sell in July of last year, the prospects for the group have strengthened somewhat since. As a result we currently rate the shares as a hold, with some moderate growth prospects on the horizon.
Achieve impressive returns
Gain instant access to some of the best-performing and fastest growing companies in the small cap arenaClick here
Advertisement
Achieve impressive returns on the go
Gain instant access to some of the best-performing and fastest growing companies in the small cap arena. Sign up NOW!
Institutional Investors in AIM 2011 - New Report
This unique study analyses the shareholdings of companies listed on AIM, extracting trends including rankings of the value and number of their investments.
Please click here to order your copy of the report or call 0207 250 7056.
Coverage of AIM, techMARK and PLUS Markets
Informative features and research on fast-growing companies, small-cap and growth stocks, penny shares, stock market tips and share recommendations, directors' dealings, company news and analysis, new issues and upcoming IPOs.
If you're interested in business tax updates visit our specialist tax guide website.
Latest small-cap and growth company news
Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.
Popular News
Acquisition
Acquisitions
Aim
Aim Market
Boardroom Moves
Breaking-even
British Technology
Cash
China
Commodities
Credit Crunch
Deals & Contracts
Debt
Dividend
Emerging Markets
Full List
Fundraisings
Gold
Growth Company
Growth Stocks
Loss Making
Main Market
Mergers & Acquisitions
New Issues
Penny Shares
Placing
Plus Markets
Profit Warning
Restructuring
South Africa
Speculative Punts
Technology
Trading Update
Turnaround
Undervalued
Advertisement
Latest News
Shell considers Cove 24/05/2012
Oil giant Shell is extending its offer period for Mozambique-focused Cove Energy (COV) after having its bid trumped by Thai government-owned PTT Exploration & Production.
Roxi reaches 1,360 metres 23/05/2012
Kazakhstan-focused Roxi Petroleum (RXP) has declared that its NK7 well in the Galaz aea has drilled to a depth of 1,360 metres.
Cluff Natural Resources joins AIM 22/05/2012
Steered by sector veteran Algy Cluff, North-Sea focused cash shell Cluff Natural Resources (CNR) has joined AIM.
Red Emperor exercises Shabeel 21/05/2012
Somalia-focused oil explorer Red Emperor Resources (RMP) has exercised its option to take part in the drilling of the Shabeel North well.
Heritage happy in Iraq 18/05/2012
Oil concern Heritage Oil (HOIL) has reported its Miran West-3 well in Iraq could deliver 1,000 barrels per day of condensate.
Sectors
Aerospace & Defence
Alternative Energy
Automobiles & Parts
Banks
Beverages
Chemicals
Construction & Materials
Electricity
Electronic & Electrical Equipment
Equity Investment Instruments
Financial Services
Fixed Line Telecommunications
Food & Drug Retailers
Food Producers
Forestry & Paper
Gas, Water & Multiutilities
General Financial
General Industrials
General Retailers
Health Care Equipment & Services
Household Goods
Industrial Engineering
Industrial Metals
Industrial Transportation
Leisure Goods
Life Insurance
Media
Mining
Mobile Telecommunications
Nonequity Investment Instruments
Nonlife Insurance
Oil & Gas Producers
Oil Equipment, Services & Distribution
Personal Goods
Pharmaceuticals & Biotechnology
