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.
Mattioli feathers its NEST
Pension consultant Mattioli Woods (MTW) intends to cash in on planned National Employment Savings Trusts ('NESTs') after buying Kudos Independent Financial Services. AIM-quoted Mattioli, which is buying Kudos's parent TCF Global for £3.9 million upfront in shares and cash and a further £4.8 million in cash and paper if certain targets are met, says it expects the takeover to be 'earnings enhancing' in the current financial year.
Leicester-based Mattioli, 40 per cent-owned by chairman Bob Woods and chief executive Ian Mattioli, argues Aberdeen-based Kudos, an employee benefits and wealth management business founded 20 years ago, makes an 'excellent cultural and stragetic fit', enabling it 'to offer our core SIPP, property and investment products to Kudos' clients. ' Mattioli, which increased pre-tax profits 9.8 per cent to £4.95 million in the year to May on revenues 12.3 per cebt ahead to £15.4 million, says Kudos has 27,000 clients with employee benefits schemes, of whom some 20 per cent are in the affluent bracket for whom Mattioli normally offers a bespoke, advice-based service.
In particular, Mattioli Woods suggests Kudos, whose top people are all staying on board, can familiarise its own and Mattioli's clients with NESTs, the Government's new scheme to compel all companies to contribute to and enrol employees in pension schemes. 'This will force companies to re-think their pension plans,' says Mattioli, 'and that is Kudos's field.'
Growth Company Investor first highlighted Mattioli at 209p and later suggested retaining the shares at 337p. They have since retreated and at 259p, up 2.5p today, value the company at £46 million and yield 1.9 per cent.
They should stil outperform some sector peers.
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