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.
Matching up
Recruitment concern Matchtech (MTEC) has issued an update in which it reports of a 21 per cent rise in net fee income compared to last year.
The AIM-quoted concern declared that net fee income stood at £8.6 million for the quarter to 31 October, with permanent fees standing at £2.8 million, while contract income of £5.8 million was reported, up 18 per cent on the same period last year.
The group argued its technical business 'continues to see opportunities across all four sectors as skill shortages remain' noting that elemense- its outsourcing brand - had won a contract with what it described as a 'leading consulting engineer'.
Matchtech opined that while it remains 'mindful' that 'client sentiment can change rapidly as the economic backdrop alters' it is beginning to see the benefits of 'last year's investment in additional headcount start to come through' and is 'optimistic' it will deliver a strong performance this year.
Analysts at Seymour Pierce are forecasting pre-tax profits of £10.1 million (EPS:30.8p) for the year to July 2012. A dividend of 15.6p is also expected.
Growth Company Investor last rated the shares as a hold at 220p this October - arguing that the key attraction was its yield, and they have since slipped to 215p. As a fully-fledged recruitment concern the capital growth prospects for Matchtech are limited, particularly in times of economic distress. However as an income play, offering a yield of 7.25 per cent the shares represent an appropriate investment for those looking for a decent income. Hold.
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