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.
Johnson Service in £6m textile deal
Workwear rental and facilities management concern Johnson Service Group (JSG) is paying £6.1 million for Cannon Textile Care's contracts and assets.
The Cheshire-based company is buying Cannon's business and specified garment, linen, mat and towel contracts from OCS Group UK in a deal that it expects to cost a further £1.7 million in integration and extra interest expenses before making an anticipated contribution to profits in 2013.
Pointing out that the deal still needs clearance from the Office of Fair Trading, Yvonne Monaghan, finance director of AIM-quoted Johnson, says the Cannon business in question has annual turnover of £15 million and is currently trading narrowly above break even. She suggests Johnson can introduce 'efficiencies' that should by next year lift profit margins to the 14 per cent achieved by Johnson.
Steered by executive chairman John Talbot, Johnson, which made £14.5 million in 2010 (before £10.3 million of amortisation, impairment and exceptional charges), upped pre-tax profits 4.8 per cent to £6.5 million in the first half of last year, which it ended with £5.1 million cash. Some analysts see the company making £15.5 million pre-tax for 2011 as a whole, with much the same in prospect for this year.
Highlighted by Growth Company Investor at 19p in 2010, the shares, which nearly reached £5 in 2005, have traded between 36p and 25.25p over the past year and now change hands at 25.75p, valuing the company at £55 million and yielding 2.6 per cent. They offer speculative recovery possibilities for the bold.
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Shell considers Cove 24/05/2012
Oil giant Shell is extending its offer period for Mozambique-focused Cove Energy (COV) after having its bid trumped by Thai government-owned PTT Exploration & Production.
Roxi reaches 1,360 metres 23/05/2012
Kazakhstan-focused Roxi Petroleum (RXP) has declared that its NK7 well in the Galaz aea has drilled to a depth of 1,360 metres.
Cluff Natural Resources joins AIM 22/05/2012
Steered by sector veteran Algy Cluff, North-Sea focused cash shell Cluff Natural Resources (CNR) has joined AIM.
Red Emperor exercises Shabeel 21/05/2012
Somalia-focused oil explorer Red Emperor Resources (RMP) has exercised its option to take part in the drilling of the Shabeel North well.
Heritage happy in Iraq 18/05/2012
Oil concern Heritage Oil (HOIL) has reported its Miran West-3 well in Iraq could deliver 1,000 barrels per day of condensate.
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