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.
EKF increases forecasts
Shares in EKF Diagnostics (EKF) have jumped 17 per cent today after the fast growing medical firm confirmed it would beat market expectations.
Buoyed by strong trading in the second half the AIM counter now expects to achieve 2011 sales of £21.6 million, which will result in a significant hike in adjusted EBITDA. The significant $3.5 million contract in Mexico to supply its Hemo_Control hemoglobin testing device has led to increasing demand for its high margin cuvettes.
EKF has also been selling cuvettes to Peru for the infant malnuitrition programme there, and is doing well in China with its Quo-Test unit - the 1000th unit has just been sold. The benefit of its buy and build strategy is that EKF now has a fully integrated sales function, so as it undertakes future acquisitions they can be integrated quickly.
New products are planned for launch this year, including the commercial launch of Quo-Lab, a low cost HbA1c analyser for developing markets. It is also looking into the opportunity of developing a point of care coagulation device and a point of care Vitamin D test.
The other big push for EKF in 2012 will benefit from sales of its HemoPoint H2 instruments via a significant direct sales force. Speaking to Growth Company Investor, chief executive Julian Baines commented 'we are very encouraged with our performance to date, which has been driven by strong demand for our products.'
Collins Stewart has upgraded its 2011 EBITDA forecast from £400,000 to £1 million, and its net cash forecast by £400,000 to £2.8 million. We highlighted EKF as a tip of the year for 2011 at 22p, so the rally today on 25.5p is encouraging. Still a buy.
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