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.
Park Group reports profits surge
Voucher and prepaid card business Park Group (PKG) has declared a 33 per cent increase in pre-tax profits to £7 million amidst a growth in internet sales.
The AIM-quoted concern declared pre-tax profits of £7 million on sales up six per cent to £279.9 million on results for the year to March. EPS rose from 2.12p to 5.76p. The proposed final dividend increased by 36 per cent to 1.2p per share, giving a total dividend for the year of 1.7p (2010: 1.32p).
Speaking to Growth Company Investor managing director Chris Houghton opined that 'due to our lowed fixed costs a small increase in sales results in a big increase in profits.' He added that the group's strong performance was also driven by 'the increased use of the internet for orders which saves us both time and money.' Houghton noted that of total revenue approximately £100 million worth of sales were received online.
Regarding the future of the business Houghton remarked that an increasing proportion of sales are likely to come from its 'Christmas savings' offering. This provides lower income families with a scheme whereby they can make monthly direct debit contributions towards a voucher for Christmas which is not redeemable for cash but which can be used to purchase gifts at a range of stores such as Toys R Us and Halfords.
Following the results analysts at Arden Partners raised their pre-tax profits forecast for 2012 from £7.2 million to £8.25 million for the year to March 2012. In 2013 pre-tax profits of £9.25 million of are pencilled in. EPS of 3.5p and 4p are forecast for 2012 and 2013. A dividend of 1.8p and 2p a share is forecast for 2012 and 2013, respectively.
Recommended by Growth Company Investor last July at 20.5p the shares have more than doubled since, and are currently trading at 47.5p. With a solid list of corporate clients and some plans to grow its online service further there is little reason to see why the shares should not have further to go. Add.
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