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.
NetDimensions sees growth in Asia
Software seller NetDimensions (NETD) has opened a sales office in Shanghai to help target its efforts in fast growing Asia markets.
The move is in addition to its planned efforts to move into France, Russia, India and Brazil - it also hopes to open an office in Germany early next year. In its seasonally weaker half to June the AIM counter boosted sales 31 per cent to $4.4 million, as losses more than doubled to $700,000 due to a goodwill writedown and share based compensation.
NetDimensions acquired distribution business EKP, a move that has helped increase revenues. In addition it has stepped its reseller network by signing four new partners - this provides access to 40 worldwide regions. Some 63 new clients have signed up including Renishaw, IKON AS and Omega Performance Corporation.
A new version of flagship LMS product has been launched and NetDimensions has also improved its mobile product, branded as mEKP. Despite eurozone concerns and troubles in the US, the revenue pipeline is strong, with good demand from the highly regulated and compliance driven sectors. Speaking to Growth Company Investor, chief executive Jay Shaw said 'we continue to benefit from high levels of deferred revenue and view the future with confidence.'
NetDimensions has a hefty cash balance of $5.9 million, worth 14.4p a share. Though it spent $200,000 on buying in its shares it has no immediate need for the cash, so expect acquisitions to be considered and even its first dividend - a 0.4 cent payout is earmarked for the full year. Arden Partners predicts 2011 pre-tax profits of $900,000 and EPS of 3.2 cents.
At 23p, the shares look undervalued, particularly in light of the fact that its peer competitor Learn.com was taken out last year for 4.8 times sales.
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