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.
Nichols fizzes higher
Soft drinks specialist Nichols (NICL) is firing on all cylinders, and buoyed by strong demand for its products is on track to smash market forecasts.
Owner of the Vimto brand (now in more than 65 countries), Nichols has achieved a solid performance in all three of its trading divisions – the result being an 18 per cent hike in 2011 sales. This is better than its own internal expectations, and follows on from a solid 2010, when it boosted revenues by 16 per cent.
The UK business also owns Levi Roots' soft drinks and the old school brands of Sunkist and Panda. Here revenue growth is believed to be 15 per cent, which has been helped by the relaunch of Sunkist, ongoing traction for Cherry Vimto and effective marketing campaigns.
Again, the standout performer has been the international arm, where Nichols increased sales by 26 per cent thanks to solid orders in the Middle East and Africa. Moreover, a recent multi-country partnership with ECCB and Castel should help drive business across Africa.
The fully listed firm has also recently signed a deal in the UK to supply Weight Watchers-branded soft drinks. It has 900 Tesco stores on-board already and talks continue to sign up more retailers. In the UK, Nichols admits that gross margins are under pressure from raw material cost inflation and high promotional activity. However, it expects to maintain its position as a result of tight cost controls and productivity improvements.
House broker Brewin Dolphin has edged its 2011 forecasts higher, and now predicts sales of £98.9 million, pre-tax profits of £17.5 million and EPS of 35.5p. The shares have jumped 55.5p to a 12-month high of 593p on the news. Our last advice was to buy at 575p in August, though tightly held Nichols is a quality operator and is worthy of closer attention.
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