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.
Fiske cautious after profit gain
Stockbroker Fiske (FKE) is maintaining a 'cautious stance' after lifting annual pre-tax profits 32 per cent to £573,000. The AIM-quoted concern, active in the small to medium-sized company sector with an emphasis on natural resources and other key areas, increased fee and commission income 7.5 per cent to £4.3 million in the year to May and grew earnings by a third to 4.8p a share, while holding the annual dividend at 4p a share.
Chairman and significant shareholder Clive Harrison says that, despite 'healthy improvement' shown by the annual figures, the second six months of the financial year failed to match the first. He blames that on a 'generally listless' stockmarket that, having traded in a fairly narrow range during the six months to the end of July, fell significantly at that point.
'In the short term,' warns Harrison, 'that picture is unlikely to change.' Citing Eurozone defaults, US brinkmanship over its own debt crisis and consumer and government borrowing throughout the western world 'near the peak of tolerable levels', he argues 'what has prevented stockmarkets reacting logically to this dire picture is the continued printing of additional money by central banks.'
In these circumstances, Harrison says Fiske remains cautious over its clients' investment profiles and its own outlook. The broker has achieved a modest reduction in operating costs, though unable to avoid the costs of compliance, regulation and ancillary expenses, which now account for 10 per cent of overall costs, a proportion which he says is growing.
Shares in Fiske have fallen over the past year from 71p to 62.5p, where they value the company at £5.3 million. Despite the uncertain profits outlook, a yield of 6.4 per cent has its attractions, provided it is maintained.
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