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.
Renew in rude health
Specialist engineering and construction concern Renew Holdings (RNWH) has reported a 76 per cent increase in profits amidst a surge in engineering services revenues.
The AIM-quoted concern declared adjusted pre-tax profits of £8.1 million (2010: £4.6 million) on sales of £356.7 million (2010: £290.4 million) for the year to September. Earnings per share grew from 5.3p to 9.6p, while the dividend stayed flat at 3p. The order book stood at £285 million (2010: £304 million)
Revenue in its engineering services division surged from £127.4 million to £176.7 million, with a contribution of seven months revenue from Amco, the engineering specialist it purchased in February in a deal worth £19.8 million. Meanwhile sales from its specialist building division stood at £178.9 million (2010: £163.1 million) with £1.9 million (2010: £1.8 million) in operating profits. Net debt stood at £6.8 million as a result of the Amco acquisition.
Looking ahead Renew noted that it is aiming to reach sales of over £500 million by 2014, with the target that engineering services will account for 70 per cent of the group revenues, and with operating margins of at least 3 per cent.
Analysts at Arbuthnot are forecasting pre-tax profits of £9.4 million (EPS: 11.6p) on sales of £349.9 million for the year to September 2012. In 2013 profits of £10.2 million (EPS: 12.5p) on revenues of £365 million are expected. A dividend of 3p is penciled in for both years.
Last recommended by Growth Company Investor this May at 74p the shares currently trade at 66.5p. The latest results are an encouraging step towards Renew's plan to becoming increasingly reliant on the engineering as opposed to the lower margin construction sector. With an impressive forward order book and a yield of 4.5 per cent, we retain our long-term buy rating.
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