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.
Sanderson in upbeat mood
Software and IT specialist Sanderson (SND) has issued a positive trading update, and is on course to meet market expectations.
The manufacturing and multi-channel operations have enjoyed good trading momentum, but not surprisingly the retail business has found trading more challenging. Sanderson is winning new customers, with particular note going to the multi-channel arm, which is doing well thanks to its focus on online, e-commerce and catalogue clients.
AIM listed Sanderson has continued to invest in its sales and marketing efforts, which has helped improve its position in the market. The launch of its new SaaS and cloud-based products has met with a positive reception, and Sanderson also boasts of winning over £500,000 of new business for its innovative 'Green IT' products.
Speaking to Growth Company Investor, chairman Chris Winn said 'we are pleased with our performance, and are in good shape at the year-end'. Winn also points to the fact that back in 2008 the Coventry based firm was saddled with £12.5 million of debts, which has since fallen to less than £7 million - driven by strong cash generation. Having shifted its bank facility to HSBC, it should lead to annual savings of more than £300,000.
Results for the year to September are due in the next few weeks, but should confirm the trading momentum. Broker WH Ireland has recently initiated coverage on Sanderson, with 2011 pre-tax estimates at £2.4 million and EPS of 4.9p. In 2012, it is going for £3.1 million and 6.3p respectively. With consolidation in the space (AIM rival Clarity is currently in play) the shares are cheap on current forecasts, with the added spice of being a potential acquisition target. Buy.
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