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.
Cupid sees love in France
Dating concern Cupid (CUP) has issued a trading update in which it reports that sales are ahead of current market expectations.
The AIM-quoted company remarked that since March of this year monthly revenues now exceed £4 million with over 50 per cent of turnover coming from outside of the UK with North America described as performing 'exceptionally well and ahead of plan.' Following the announcement analysts at house broker Peel Hunt lifted their sales forecast for 2011 by 14 per cent to £50 million.
Speaking to Growth Company Investor CEO Bill Dobbie noted the results were bolstered by a strong performance in both India and France. This February Cupid acquired IndianDating.com, a dating website aimed at persons of Indian descent in North America. He noted that this had given the company 'an insight' into the Indian dating market, and added that he could see 'the growing trend of Indian online dating developing much further in the country in five years.' Regarding possible acquisitions both France and Germany were countries Cupid is interested in, he said.
Analysts at Peel Hunt are forecasting pre-tax profits of £9.7 million on turnover of £50 million for the year to December 2011, climbing to profits of £14.5 million on revenue of £66 million in 2012. EPS of 8.5p and 12.6p are pencilled in for 2011 and 2012, respectively.
Recommended as a long-term buy by Growth Company Investor last November at 117.5p the shares have gained 32 per cent since, and are currently trading at 155.5p. With a broad variety of sites, and with a growing footprint in India and the EU we can see Cupid expanding even further. We therefore reiterate our buy rating.
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