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.
Reshuffle at Ila Group
Paul Gazzard is leaving as operations chief at marketing specialist Ila Group (ILA), which has recently won $500,000 (£312,500) of new orders. A former luminary of stockbroker Panmure Gordon, as was the AIM-quoted company's chief executive Simon McGivern, Gazzard is to remain a consultant to Jersey-based Ila, handling its relations with investors and the City.
Originally set up by ad agency Bartle Bogle Hegarty's Zag subsidiary, still a big shareholder, Ila, which cut its losses from £881,000 to £382,000 in the six months to December, has won $2 million of new orders so far this year, including the latest $500,000, well ahead of expectations. A big source is believed to be a major Swiss chocolate and confectionery company
Gazzard, who will also be pursuing other interests outside the company, argues advertising revenues have started to pick up in the more upmarket areas of Ila's focus, despite the economic stormclouds. He says the push now is for concerns such as Ila's blue-chip promtional manufacturer Premium Factory, bought by the company for £100 and a £400,000 loan in March, to fight for the space.
Seasoned investor Nigel Wray and Betfair co-founder Andrew Black are among backers of Ila, whose original women's security devices operation is now less than a third of the business, and abrasive retail veteran and ex-Marks & Spencer boss Sir Richard Greenbury is a non-executive director. Floated on AIM at 10p in 2006, the shares have been dismal performers and trade now at 1.13p, slightly below the 1.2p at which the company raised £1.5 million in August.
They could repay a brave medium to long-term recovery punt.
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