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.
Cyril Sweett warns on profits
Shares in Cyril Sweett (CSG) have slumped 16 per cent this morning, after the chartered surveyor issued a profit warning at its AGM.
The Middle East has proved a problem spot, not least due to the Arab Spring which has meant the cancellation of a number of projects. This will lead to lower than expected spend from its client base. In the UK market it suffered a reduction in trading days in April, largely due to the Royal Wedding - however, tough competition has hit margins. Though the first quarter is traditionally slow for CSG this trend has continued into the second quarter.
Due to the dip in operating margins it is suffering, CSG is reducing its direct costs and administration overheads in both the Middle East and the UK. This charge will hit first half results for the six months to September 2011. On a brighter note CSG is enjoying a solid performance in the Asia Pacific region, with growth in China and new operations recently opened in Vietnam and Thailand. The order book is now weighted more than 50 per cent in this region and the group retains its top 3 ranking in Asia, helped by the acquisition of Widnell just over a year ago.
CSG says it is now witnessing an improved level of bidding activity across the group, with the order book up 6 per cent to £83.4 million. It also predicts further growth in its UK PPP Management and Investment operations, though timing issues remain an issue.
Speaking to Growth Company Investor chief executive Dean Webster said 'we have successfully rebalanced and diversified the business - but we still have ambitions to be a global player.'
Broker Arbuthnot has slashed its bottom line forecast for 2012 by £800,000 and now predicts pre-tax profits of £3 million and EPS of 3.6p, the dividend expectation has also been trimmed from 1.4p to 1p. CSG has done well to diversify its operations, helping to alleviate the problems it is facing at home and in the Middle East. At 28.5p the shares are not expensive, but there seems little reason for this change in the short to medium term.
Achieve impressive returns
Gain instant access to some of the best-performing and fastest growing companies in the small cap arenaClick here
Advertisement
Achieve impressive returns on the go
Gain instant access to some of the best-performing and fastest growing companies in the small cap arena. Sign up NOW!
Institutional Investors in AIM 2011 - New Report
This unique study analyses the shareholdings of companies listed on AIM, extracting trends including rankings of the value and number of their investments.
Please click here to order your copy of the report or call 0207 250 7056.
Coverage of AIM, techMARK and PLUS Markets
Informative features and research on fast-growing companies, small-cap and growth stocks, penny shares, stock market tips and share recommendations, directors' dealings, company news and analysis, new issues and upcoming IPOs.
If you're interested in business tax updates visit our specialist tax guide website.
Latest small-cap and growth company news
Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.
Popular News
Acquisition
Acquisitions
Aim
Aim Market
Boardroom Moves
Breaking-even
British Technology
Cash
China
Commodities
Credit Crunch
Deals & Contracts
Debt
Dividend
Emerging Markets
Full List
Fundraisings
Gold
Growth Company
Growth Stocks
Loss Making
Main Market
Mergers & Acquisitions
New Issues
Penny Shares
Placing
Plus Markets
Profit Warning
Restructuring
South Africa
Speculative Punts
Technology
Trading Update
Turnaround
Undervalued
Advertisement
Latest News
Shell considers Cove 24/05/2012
Oil giant Shell is extending its offer period for Mozambique-focused Cove Energy (COV) after having its bid trumped by Thai government-owned PTT Exploration & Production.
Roxi reaches 1,360 metres 23/05/2012
Kazakhstan-focused Roxi Petroleum (RXP) has declared that its NK7 well in the Galaz aea has drilled to a depth of 1,360 metres.
Cluff Natural Resources joins AIM 22/05/2012
Steered by sector veteran Algy Cluff, North-Sea focused cash shell Cluff Natural Resources (CNR) has joined AIM.
Red Emperor exercises Shabeel 21/05/2012
Somalia-focused oil explorer Red Emperor Resources (RMP) has exercised its option to take part in the drilling of the Shabeel North well.
Heritage happy in Iraq 18/05/2012
Oil concern Heritage Oil (HOIL) has reported its Miran West-3 well in Iraq could deliver 1,000 barrels per day of condensate.
Sectors
Aerospace & Defence
Alternative Energy
Automobiles & Parts
Banks
Beverages
Chemicals
Construction & Materials
Electricity
Electronic & Electrical Equipment
Equity Investment Instruments
Financial Services
Fixed Line Telecommunications
Food & Drug Retailers
Food Producers
Forestry & Paper
Gas, Water & Multiutilities
General Financial
General Industrials
General Retailers
Health Care Equipment & Services
Household Goods
Industrial Engineering
Industrial Metals
Industrial Transportation
Leisure Goods
Life Insurance
Media
Mining
Mobile Telecommunications
Nonequity Investment Instruments
Nonlife Insurance
Oil & Gas Producers
Oil Equipment, Services & Distribution
Personal Goods
Pharmaceuticals & Biotechnology
