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.
New facility for Private & Commercial
Private & Commercial Finance (PCF) has clinched a £7 million funding facility and hopes to buy a £6 million receivables portfolio. The AIM-quoted company, which finances equipment, plant and vehicles for small and medium-sized companies and cars for private individuals, argues these developments mark the beginning of an upturn in its business after a 13.5 per cent fall in pre-tax profits to £455,336 in the year to March on turnover down 3.8 per cent to £57.9 million.
Chaired by Anthony Nelson and steered by chief executive Scott Maybury, Private & Commercial points out the new facility is its first for three years. The London-based company, which first evoked interest from the banks before Christmas, sees the facility as indicating a coming thaw in the climate for its sector of business after a glacial post-credit crunch environment and is hoping to secure one or two more to put it back on a growth path.
In a parallel development, Private & Commercial has signed heads of agreement to buy £6 million of finance receivables at a 25 per cent discount for collection over two to three years, with funding from a 'High Street bank'. The company says it expects to complete the deal in a few weeks.
Maybury argues the outlook has now improved for Private & Commercial, as it picks up business rejected by 'mainstream prime funders' at a time when banks are still being very tough with small businesses. He says 'customers now accept money will cost them dear' and maintains the withdrawal of many competitors from the market over the past three years is enabling the company to improve the quality of its business.
House broker Daniel Stewart sees pre-tax profits reaching £700,000 in the current year with earnings rising 50 per cent to 0.9p a share. However, it will be two years before the company, now suffering from negative retained earnings, will be able to contemplate paying a dividend.
Private & Commercial shares have been mostly dire performers since their 1998 float at 65p. But latest developments suggest punters at today's 6.25p price, valuing the company at a mere £2.9 million, could benefit from a potential rally if the company's strategy looks like paying off.
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