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.
NCC marching ahead
IT security concern NCC Group (NCC) has issued a solid set of interim results in which it enthused that 'The cyber arms race continues to speed up'.
The FTSE Small Cap constituent declared a 45 per cent rise in pre-tax profits to £7.8 million on sales of £42.4 million (2010: £33 million) for the six months to November. Earnings per share increased from 15.2p to 20p while the interim dividend rose from 4.15p to 5.1p.
The group noted the strongest growth came from its assurance division - which specialises in ethical testing - where sales powered ahead from £17.6 million to £25.1 million. Its web testing operation saw revenues grow from £3.42 million to £3.85 million while its 'escrow' services (escrow is a means of backing up software remotely) climbed from £11.93 million to £13.5 million.
In an interview with Growth Company Investor finance director Atul Patel remarked there were 'more and more people turning to cyber crime with both individuals and nation states involved' adding that as a result there was a growing demand for its services.
Regarding security trends, he remarked a key issue was the security around Android devices (Android devices include the HTC and the Motorola range of phones) arguing there is a 'trend of people having problems with those sorts of devices'. Another area of potential growth for the company was said to be the 'trend of people being told to bring their computers to work- this creates a whole set of security issues that have not been thought through' while 'mobile malware' was another danger identified by Patel.
Analysts at Collins Stewart are forecasting pre-tax profits of £21.5 million (EPS: 44.9p) on revenues opf £87.5 million for the year to May 2012. In 2013 profits of £23.6 million (EPS: 49.4p) on revenues of £98.3 million are expected. A dividend of 16p and 18.4p is expected for 2012 and 2013, respectively.
Recommended by Growth Company Investor this August at 699.5p as a company watch the shares have since powered ahead to 850p as investors looking for opportunities to profit from the rise in online terrorism and cyber crime have tended to see value in NCC.
Having gained 21.5 per cent since our rating we would advise investors to take some profit as the shares look fairly valued for now, though the lure of a 2.2 per cent yield on 2013's dividend adds some appeal. Reduce/hold.
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