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.
Daniel Stewart swings to profit
Broking firm Daniel Stewart (DAN) has reported a welcome return to the black, buoyed by its efforts to expand in new market sectors.
Well known for its work in the small cap market in London, the broker has shifted its emphasis globally. One area that is doing particularly well is the provision of advisory services to overseas companies which are seeking a listing on the OTCQX market in New York. Recent entrants to this new but 'highly liquid market' include Marks & Spencer and Adidas, however Daniel Stewart advised on the listing across the pond of well traded oil explorer Gulf Keystone (GKP).
It has also shifted into the bond market, helping to advise Sportingbet on its recent $65 million bond raise - a further three offers in the $50 - $150 million range are also on the blocks. The Wealth Management arm is gaining traction and has now surpassed £150 million under management, largely buoyed by UK investors it is also winning new mandates in the Middle East.
In the year to March sales soared 236 per cent to £8.5 million as pre-tax profits came in at £1.1 million (2010: £2.9 million loss). The AIM counter now has 60 corporate clients and helped to raise £107 million during the year, the first quarter of 2011 has got off to a good start with a further £34 million raised. The balance sheet is strong with cash balances up 85 per cent to £2.4 million.
Speaking to Growth Company Investor chief executive Peter Shea said 'we have widened our net in terms of product and the range of investors we are now targeting.' To this end the office in Kuala Lumpur helped advise on seven London listings, there is also the likelihood that a joint-venture in Hong Kong will be tied up shortly.
Daniel Stewart also has a couple of potential IPO's from Russia up its sleeve, one in healthcare, the other in agriculture. Further growth in profits is expected this year, however the share price has proved lacklustre - up 7 per cent to 1.475p this morning. Worth a punt.
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