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.
Turnaround at ServicePower
Outsourced service and field management specialist ServicePower Technologies (SVR) has turned a £4 million annual loss into £577,000 pre-tax profits.
The AIM-quoted company, a market leader in its field, increased turnover only marginally to £18.25 million last year, as chief executive officer Mark Duffin brought his three-year turnaround strategy close to culmination, cutting staff numbers and moving out of low-margin business.
Stockport-based ServicePower, which uses its own software to maximise the efficiency of services ranging from boiler repairs to despatch claims and work under warranties, won several new customers on both sides of the Atlantic. The company now has Tesco on its books and, since the end of the year, has clinched a major contract with US-based Assurant Solutions, which will help the company take its US business up from 49 per cent of the total last year to more than half.
With clients already including Mitsubishi, Sharp, IBM, Bosch, ADT and Magnavox, ServicePower, which ended 2010 with £3.7 million cash, expects to take advantage of consolidation in its sector. 'We are not looking for acquisitions,' comments Duffin, 'but we won't say no to the right ones.'
Describing himself as 'hugely optimistic' about current prospects, Duffin says he expects turnover to fall this year, as the process of exiting low-margin operations continues. However, that should enhance the profits outlook.
ServicePower shares, which reached nearly 20p four years ago, have been recovering from subsequent setbacks. Now 9.13p, up from a year's low of 3.25p, they value the company at £17.3 million and should have further to go.
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