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.
EMIS pushing forward
GP software supplier EMIS Group (EMIS) has continued its expansion across the UK, growing pre-tax profits by 31 per cent.
The AIM 50 constituent reported profits of £10.2 million on sales of £35.5 million for the six months to June. Net cash increased by £2.3 million to £12.8 million while the interim dividend rose from 5.6p to 6.2p.
EMIS noted that it had 53.4 per cent of the UK GP software market with 5,506 sites adding that it now hold 31 per cent of the high street pharmacy software market. The group remarked that it had managed to grow in Scotland with 117 GP practices deployed over the period in the region. Revenues from Rx Systems, the software services concern acquired last year for £10 million were also included.
In an interview with Growth Company Investor chief executive Sean Ridddell enthused that the government strategy of removing primary care trusts 'plays strongly into EMIS Web' noting that 1,130 practices have ordered upgrades of the software. Looking forward Riddell pointed to further roll out in Scotland and the continued integration of Rx Systems as goals for the business.
Analysts at Evolution Securities are forecasting pre-tax profits of £20.3 million (EPS: 22.4p) on sales of £74.1 million for the year to December 2011. In 2012 profits of £22.6 million (EPS: 24.2p) on turnover of £80.1 million.
Recommended by Growth Company Investor last May at 377.5p and subsequently this July at 539.75p the shares currently trade at 547.5p. With some considerable growth across its key markets and with plans to benefit from proposed coalition reforms to the NHS the company represents a suitable long-term investment. Long-term buy.
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