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.
SQS win €22m worth of orders
German software testing concern SQS Software Quality Systems (SQS) has announced a raft of contract wins worth a total of €22 million.
The AIM-quoted concern declared the contract wins will be coming with a deal to provide 'test management, automation and functional testing' to a 'large European logistics company' This contract is said to be worth €10 million over the next two years. Another deal is to provide the same services but to the French operations of a 'global insurance provider' worth €5 million. Its other contracts include wins with 'four leading retail companies' worth a total of €3.3 million, three public sector contracts worth €2.5 million, a contract with a 'multi-national media company' worth €500,000 and a deal with a 'major UK utilities company' costing €300,000.
SQS' chief executive officer Rudolf van Megen enthused that the win 'highlight the compelling value propositions' of SQS' products and services adding that it provides the company with confidence for the expansion of our regional presence and market share.'
Analysts at house broker Arbuthnot held their forecasts. The broker expects pre-tax profits of €11.4 million (EPS: 28.96 cents) on sales of €178.7 million for the year to December 2011. In 2012 it predicts profits of €13.6 million (EPS: 33.6 cents) on revenue of €199.6 million.
Growth Company Investor recommended shares in SQS this January as a buy/hold at 225p and they have since lost 11.3 per cent, currently trading at 199.5p. Though the latest wins have not moved forecasts they are nonetheless encouraging steps. We retain our buy/hold rating.
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