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.
Patsystems slumps on warning
Shares in trading systems supplier Patystems (PTS) have slumped by over one-third this morning following an unexpected profit warning.
Patsystems blames three reasons for the shortfall, the most notable being the failure to close two one-off exchange license sales. When reporting interim figures in July, the AIM counter was in talks with four exchanges in Asia and two in the Americas, however the board no longer believe the deals will be completed by the year-end.
The blame is placed on the inability by exchanges in securing investment funding, moreover it argues that amid economic uncertainty projects are effectively being placed on hold. To mitigate against this situation in future years, Patsystems has decided to reduce its cost base accordingly.
It also expects overall trading system sales to fall short of those achieved in 2010, this is due to the fact that strong demand in Asia has been unable to counteract weakness in North America and Europe. Patsytems had expected lower costs in the second half, but due to a number of implementation projects suffering delays it has had to continue using a 'higher level of resources'.
On a more positive note, Patsystems boasts 95 per cent of 2012 revenue to be recurring, compared to 77 per cent in the prior year.
The news is a major blow and comes just a few weeks after chairman Richard Last picked up 208,750 shares at 18.75p, non-executive director Stewart Douglas-Mann also acquired 20,000 shares at 18.65p.
ION Trading has been buying stock over the last couple of years and is now up to 26.9 per cent - so it will no doubt have a keen interest in the news today. Though bottom fishers may be tempted to buy in at this level, at 13p we remain cautious.
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