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.
In a pre-results trading update, public relations group Next Fifteen Communications (NFC) highlights the success of its digital agency Beyond.
The AIM-quoted concern declares that it expects full-year results to be in line with market expectations, having launched Beyond following its acquisition of digital agency specialist Type3 last September. Over the year, Next Fifteen took over several other agencies, including One Xeno, ILS and Bourne. Next Fifteen enthuses that client wins over the period included Finnish mobile phone manufacturer Nokia, US conglomerate General Electric and San Francisco-based social network developer Zynga.
The company points to the success of its US business, insisting that it is 'unique amongst its peers in the relative scale of its US business' and noting that the USA generated more than 50 per cent of revenues over the period. Looking forward, Next Fifteen argues it 'should continue to benefit from the relative strength of the US technology sector'.
At the same time, the company warns that it recognises the 'increased level of uncertainty created by the continuing and interconnected volatility in equity, sovereign debt and foreign exchange markets.' However, chairman Richard Eyre says Next Fifteen 'continues to invest to reinforce its position in emerging markets and in further expansion of its digital capabilities.'
Analysts at paid-for research house Edison are forecasting pre-tax profits of £8.1 million (for earnings of 8.4p a share) on sales of £83.7 million for the year to July 2011. For 2012, Edison it is penciling in profits of £9.3 million and earnings of 9.2p a share on turnover of £89 million.
Recommended by Growth Company Investor at 52p in 2009 and again this January at 76.5p, Next Fifteen shares now trade at 80p. The company looks to have made good progress on widening its international footprint and expanding into the digital PR market. We therefore retain our buy rating.
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