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.
MCB to smash forecasts
Small loans specialist MCB Finance (MCRB) has pleased investors with news that profits for the current year will be ahead of market expectations.
The AIM listed consumer finance minnow provides flexible short term loans of 50 to 2,000 to retail customers in Finland, Latvia, Estonia and Lithuania. Trading under the brand of Credit24 the firm has ramped up its marketing efforts across television, the internet and other platforms. As a result in the first four months of 2011 the funds it has lent are up by a useful 45 per cent. The duration of loans range from two weeks to two years but the average duration is four months.
In an interview with Growth Company Investor chief executive Rami Ryhanen said 'we have expanded our channel network and thanks to increased marketing efforts we are winning new customers'. To augment further expansion the Finland based firm is also looking at new markets such as Slovakia, Bulgaria and the Czech Republic.
By using its website customers can receive the cash in their bank accounts in as little as 10 minutes, and its this ease of use that is helping to win business. In the year to December it reported a swing to the black with pre-tax profits of €580,000 (2009: €630,000) as lending growth resumed. MCB enjoys a great deal of repeat custom (up to 70 per cent in Finland) and with a relatively fixed overhead new business drops straight through to the bottom line.
MCB has recently appointed Merchant Securities to help widen its investment audience and paid-for research house Edison is also in the process of upping its forecasts. The current expectation is a 2011 pre-tax profit of €2.8 million and EPS of 10.8 cents.
We suggested the shares were undervalued in January at 24.5p so the jump to 40.5p since then is welcome news. With the explosion of demand from UK rivals such as Wonga the outlook for MCB remains positive, so the shares should have further to go.
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