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.
Netcall delivers 'year of progress'
Software supplier Netcall (NET) has unveiled a 0.4p a share maiden dividend, largely thanks to the benefit of acquiring AIM rival Telephonetics last year.
The move significantly boosted its market presence and product portfolio. Netcall also admits that the deal has achieved higher than expected annual cost savings of £1.8 million, largely due to a reduction in management charges, lower PLC charges by combining operations, and the elimination of certain property costs.
AIM listed Netcall has an impressive roster of over 600 clients, including names such as: British Telecom, Halifax, the NHS and Autoglass. By combining both businesses it has established a significant cross-selling pipeline - a situation that is working well, indeed current trading is 'well ahead' of last year according to chief executive Henrik Bang.
In the year to June, sales leapt 229 per cent to £13.6 million as the group achieved a swing to the black with a pre-tax profit of £546,000 (2010: £235,000 loss). The strong performance, coupled with a £4.25 million placing earlier in the year, has left its net cash balance at £5.9 million, this has since increased to £6.5 million.
Recurring revenue of £9.3 million exceeds its current overheads of £9.1 million, so new business drops quickly through to the bottom line. It has merged both CRM platforms into a common framework and integrated both sales forces. With its key markets in health, and the public/private sectors, Netcall argues it has 100 live business opportunities.
The chunky cash balance is likely to be spent on more acquisitions. As many as 150 UK companies have sales in the £2-10 million range, so Netcall is keen to seek out those that bring new customers and new technology. Evolution forecasts 2012 pre-tax profits of £2.9 million and EPS of 1.8p. Up 7 per cent to 17.375p today, the broker places a 25p target on the shares, which is not unrealistic. Buy.
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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.
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Kazakhstan-focused Roxi Petroleum (RXP) has declared that its NK7 well in the Galaz aea has drilled to a depth of 1,360 metres.
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Steered by sector veteran Algy Cluff, North-Sea focused cash shell Cluff Natural Resources (CNR) has joined AIM.
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