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.
Pivot narrows losses
AIM listed Pivot Entertainment (PVT) has successfully trimmed its losses following a significant restructuring exercise over the last few months.
Thanks to the efforts of a new management team, the transatlantic media to entertainment company has sold off its non-core operations and is now well placed for expansion. In an interview with Growth Company Investor chief executive Jeremy Barbera said 'we have transitioned Pivot from a football agency to a global arts and entertainment company.'
Under its old guise of First Artist it had racked up losses due to the lumpy and unpredictable nature of its business, however this has now been sold. Pivot is now focused on London based entertainment marketing firm Dewynters - founded in 1876, it is the clear market leader in West End shows. Pivot also owns Spotco, a similar operation in the US. In addition it runs merchandising operation www.theatremerchandise.com and front of house displays specialist Newman.
In the six months to 31 May sales increased 11.7 per cent to £39.4 million as losses fell to £994,000 (2010: £3.1 million). Pivot secured £4 million of new capital during the period, and has slashed its borrowing costs with AIB from 10 points over LIBOR to 3 points - a significant interest saving.
Leicester Square has been closed for refurbishment ahead of the Olympics, a move that has impacted trading as film companies have had little choice but to seek alternative premiere venues such as Westfield. It was heavily involved in the work surrounding the new Harry Potter film, and has enjoyed good critical acclaim for the theatre production of Ghost.
In New York, it has achieved strong billings with new Broadway musicals such as: Catch Me if You Can, Bengal Tiger and Wonderland. Next to launch is Mountain Top, which stars Samuel L. Jackson and Angela Bassett in a production of the night before the assassination of civil rights leader Dr. Martin Luther King Jr.
As Pivot seeks to expand outside theatre and films it is working hard to attract new clients, to this end it is working for the Wildlife Conservation Society and the Los Angeles County Museum of Art (LACMA) which is currently showcasing the work of legendary film producer Tim Burton.
With the turnaround complete, Pivot is now on 'the other side of the curve' so hopes to cement acquisitions as well as build its digital capability significantly. Given its market positions there is a huge opportunity for further expansion at Pivot. The shares are up 1p to 27p today, and have further to go. Buy.
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