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.
EMIS growing its web
GP software supplier EMIS Group (EMIS) has issued a trading update in which it enthuses that the roll-out of its EMIS Web technology has 'progressed as expected.'
In an update for the six months to June, the AIM-50 constituent remarked that at the period end there were 9,089 EMIS Web GP and 'extended primary care users' with approximately 28.3 million patient records. Furthermore there were 1,130 orders over the period for EMIS Web with the group declaring that it had focused on building 'the infrastructure necessary to support the further development and increased roll-out of EMIS Web.'
EMIS added that it had achieved a high level of market penetration, insisting that its technology was in 53.4 per cent of GP practices and 30 per cent of high street pharmacies (these figures come from EMIS themselves). A net cash position of £12.8 million was also reported.
Looking forward it declared that it 'welcomes' the forthcoming reforms to the NHS which EMIS described as putting 'responsibility for decision-making and commissioning of services in the hands of GPs and other clinicians' as the NHS 'progresses' from a centralised model to a 'more plural one.' Furthermore it describes its existing work with the Australian Defence Force to develop an 'electronic health information system' as 'continuing according to plan.'
CEO Sean Riddell enthused that the group continues to be 'well placed to assist healthcare professionals to share patient data securely' adding that EMIS' range of products 'remains fully in line with NHS strategy for the future.'
Analysts at Evolution Securities are forecasting pre-tax profits of £20.3 million (EPS: 22.4p) on sales of £74.1 million for the year to December 2011. In 2012 it sees profits climbing to £22.6 million (EPS: 24.3p) on revenue of £80.1 million.
Recommended by Growth Company Investor last May at 377.5p the shares have since gained 43 per cent, and are currently trading at 539.75p. Forward momentum is likely to be driven by the proposed reforms to the NHS by the coalition government while its international footprint is growing. However having risen a considerable amount since our last recommendation, we think that now would be the appropriate moment to take some profit, while retaining a significant chunk for future gains. Reduce.
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