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.
Jelf swings into the black
Consultancy concern Jelf Group (JLF) reported pre-tax profits of £794,000 (2010: loss of £1.2 million) for the six months to March amidst a growth in sales in its employee benefits division.
The Bristol-headquartered ventures profits came on revenues of £35 million (2010: £34.9 million). The company also reported earnings per share of 0.7p (2010: loss of 1.1p). Net debt rose from £6.6 million to £10.1 million.
Across its divisions it was its 'employee benefits' business that declared the strongest growth- sales grew by 6.9 per cent. However its 'financial planning' division saw sales sink by 11 per cent from £4.4 million to £3.9 million though Jelf insisted that despite this fall 'the quality of advice demanded has risen.'
Speaking to Growth Company Investor CEO Alex Alway enthused that its employee benefits division had a 'great year' noting that client wins included the Save the Children charity. He noted that while its financial planning division declined in sales 'profitability increased with the fall in sales due to a reduction in employee numbers.' Looking forward he said Jelf were looking to grow organically, although the company 'will continue to look for appropriate bolt-on acquisitions.'
Analysts at house broker Canaccord forecast pre-tax profits of £3.4 million on sales of £70.4 million for the year to September 2011. In 2012 a £300,000 increase in pre-tax profits to £3.7 million on revenue of £71.3 million is pencilled in. EPS of 6.1p and 6.4p are forecast for 2011 and 2012, respectively.
Growth Company Investor recommended shares in Jelf in 2008 at 247.5p and since then the shares have lost 77 per cent, currently trading at 56.5p. Trading at under ten times 2011 earnings at the current price we think there is some recovery potential in the share price, though long-term shareholders are unlikely to be pleased with the decline in value over the last few years, and there is no dividend. Speculative buy.
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