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.
Nexus cuts its losses
IT managed services specialst Nexus Management (NXS) sounds cautiously optimistic after reducing interim pre-tax losses 47 per cent to £107,000. The AIM-quoted company, which provides cost-saving outsourced services mainly to smaller companies in the USA and UK, increased turnover 6.7 per cent to £3.2 million, three quarters of it in the USA, in the six months to March and turned £86,000 operating losses into £137,000 operating profits.
But a 31 per cent hike in finance costs to £147,000, partly caused by US factoring expenses, and a switch from £103,000 currency gains to £32,000 losses kept the bottom kine in the red. Chief executive Roger Richardson says Nexus, which has been through restructurings and has continued to prune costs, has managed to increase sales to existing customers, looking to upgrade their facilities after putting it off during the recession.
The company's US fire wall maker Resilience, bought for £1.1 million two years ago, made a maiden operating profit in the first half year. But it had to buy in parts funded by costly factoring, which Richardson says the company is now seeking to replace with less expensive bank facilities.
He claims there is now fresh interest in Nexus's 'disaster recovery' service and points to a new internal communication service it is adding to its repertoire as a 'gold partner' of the giant Microsoft group. Arguing Nexus can cut clients' costs 30 per cent, Richardson argues a 'lack of confidence' remains a threat to market growth and says that, although the second half year will be 'similar to or slightly better than the first half', the outlook for next year won't become clear until the nine-month stage.
'Nexus is slowly turning into a proper profitable company,' declares Richardson. The shares, floated at 2p 10 years ago and now languishing at 0.32p, remain speculative.
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