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.
Solid growth at Walker Greenbank
Luxury interior furnishings group Walker Greenbank (WGB) has unveiled a solid set of results for the six months to July, driven by strong demand for its products.
Walker owns a number of prestigious brands, including Sanderson which has a Royal warrant, Harlequin, Morris & Co and Zoffany. Though it has traditionally aimed at the mid-to-high end of the market, it plans on launching a young contemporary brand next year.
Thanks to continued investment in product, manufacturing and overseas expansion, the AIM counter has achieved a 14 per cent increase in underlying pre-tax profits to £2.35 million as sales stepped up 11 per cent to £37.4 million. In the comparative period there was a £500,000 insurance gain from a fire. Walker has a showroom in New York and Paris, but sells into 75 countries via a number of international agents.
It has enjoyed good double digit growth in China, Japan and Russia, however the US operation was loss making. Following the appointment of two new partners and a 10 per cent hike in its prices, Walker hopes to return the US to nearer break-even next year.
Walker is also focusing its efforts on high-margin licensing sales. Here income leapt 15% to 678,000, with new licenses secured with Portmeirion and Elstead Lighting to develop new ranges using its brands. The move to products such as lampshades, bathroom towels and other home accessories should broaden its appeal to consumers.
Part of its success has been its manufacturing capability, here it boosted third party revenues 24 per cent and is investing in new digital printing capacity.
We recommended the shares at 41p last November, so the jump since then to 65p is pleasing. House broker Seymour Pierce points to the strength of its track record and reduction in debt from the high of £8.5 million five years ago (this should be all but eliminated next year due to strong cash generation). With Walker always second-half loaded, it has upped its pre-tax profit forecast to £5.5 million, producing EPS of 9.7p. Attractive.
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