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.
Canny deals boost Ila
First-quarter results from marketing specialist Ila Group later his month will reflect the benefits of its deals with a major Swiss chocolate and confectionery company, rumoured to be Nestlé, its launch of the Scootrix brand of ‘personalised accessories’ for children’s scooters and its £100 purchase of promotional goods specialist Premium Factory, whose clients range from The X Factor to Disney.
The AIM-quoted company, which recently won $500,000 (£312,500) of new orders, is understood to be in line for a £1.25 million turnover gain, and friendly analysts are looking for a full-year turnover surge from £1.75 million to around £6 million.
Close observers suggest that Ila, which lost a much-reduced £382,000 in the six months to December, is heading for break-even in the current financial year, with a profit of £1 million to £2 million on £9 million turnover in sight for the following year. Steered by chief executive Simon McGivern, a former luminary of stockbroker Panmure Gordon, the Jersey-based company is building on its Swiss links and other connections.
Originally set up by ad agency Bartle Bogle Hegarty’s Zag subsidiary, still a big shareholder, Ila continues to draw valuable advice, insights and leads from this connection. Seasoned investor Nigel Wray and Betfair co-founder Andrew Black are among backers of Ila, whose original women’s security devices operation is now less than a third of the business, while abrasive retail veteran and ex-Marks & Spencer boss Sir Richard Greenbury is a non-executive director and another source of ideas.
Floated on AIM at 10p in 2006, Ila shares have been dismal performers hitherto and now trade at 0.95p, below the 1.2p at which the company raised £1.5 million in August. Recent deals and the potential for more suggest they could repay a brave medium- to long-term recovery punt.
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