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.
YouGov on the American trail
Market research concern YouGov (YOU) has increased sales by 26.9 per cent following a number of US-focused acquisitions.
The AIM-quoted venture declared adjusted pre-tax profits of £5.8 million (2010: £4 million) on sales of £56.1 million for the year to July 2011. Net cash stood at £9.4 million at the period end (2010: £15.6 million).
In an interview with Growth Company Investor chief executive Stephan Shakespeare noted that the sales growth was driven by the acquisition of Harrison, a US 'strategic research and marketing consultancy' bought last August in a deal worth $13 million as well as businesses such as the Oregon-based Definitive Insights.
In addition there was a reduction in revenue from a contract in Iraq, due to terminate in December 2011. Despite this Shakespeare enthused the business was 'growing well in the region' adding that it has customers in countries including Saudi Arabia.
Looking forward he drew attention to the opening of an office in Paris in November and said that YouGov would be 'Looking to enter one of the BRICs, probably Brazil'.
Analysts at house broker Numis are forecasting pre-tax profits of £6.2 million (EPS: 4.8p) on turnover of £63 million for the year to July 2012. In 2013 profits of £7.3 million (EPS: 5.6p) on revenues of £69.5 million are penciled in.
Last rated by Growth Company Investor this April at 51.25p the shares currently trade at 46.38p. A business that has a considerable presence in a number of overseas markets, in particular the Middle East, its latest push into the US via acquisitions should bode well for its future prospects. With cash of £9.6 million and some strong long-term potential we continue to rate the shares as a buy.
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