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.
Vitamin D success for IDH
Driven by increasing interest in its vitamin D testing devices, diagnostic kits maker Immunodiagnostic Systems Holdings (IDH) has announced a 51 rise in pre-tax profits for the year to March.
The AIM-quoted concern declared pre-tax profits of £16.6 million (2010: £11 million) on turnover of £50.2 million (2010: £37.2 million.) Sales of its vitamin D kits rose from £22 million to £27.8 million, constituting 55 per cent of the group's revenue. EPS increased from 28.9p to 44.6p while a full-year dividend of 2.5p (2010: 2p) was also announced.
Speaking to Growth Company Investor CEO Ian Cookson noted that the year has been one in which its iSYS testing kit 'had been given credibility.' Concerning the vitamin D market he remarked that he expected it to 'more than double in the next four to five years.' Looking forward, organic growth was identified as the priority, with further expansion in the US in particular a target for IDH.
Following the results analysts at Investec put their forecasts under review. Previously the broker had been forecasting pre-tax profits of £21.4 million on turnover of £59.5 million for the year to March 2012, with profits set to climb to £24.1 million on revenue of £68.5 million in 2013. EPS of 58.8p and 64.5p were forecast for 2012 and 2013, respectively.
Last recommended by Growth Company Investor this April at 845p, the shares have gained 14.7 per cent since, and are currently trading at 969.5p, having rocketed since our 2005 recommendation at 100p. With interest in vitamin D testing increasing amidst rising interest in the health consequences of vitamin D deficiency, we think the shares have further to go. Add.
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