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.
Electro moving ahead
Electronics distributor Electrocomponents (ECR) has declared a seven per cent rise in sales in Asia Pacific amidst a challenging economic environment.
In a trading update the fully-listed concern reported a four per cent rise in group revenues for the period from 1 October to 31 January, noting its international business grew by five per cent while the UK saw a one per cent lift in turnover. Both Continental Europe and North America gained five per cent while Asia Pacific saw revenues climb by seven per cent.
The group remarked it was 'continuing to expand our service and product offers in China' adding it benefits from a 'balanced product offering' in which its electronics and maintenance division produced sales growth of four and five per cent, respectively.
Chief executive Ian Mason maintained the concern was keeping a 'tight control of costs' and that with what he described as a 'well invested global infrastructure' and a 'strong balance sheet' the company is 'well positioned to take advantage of the structural growth opportunities available to us internationally.'
Analysts at Panmure Gordon are forecasting pre-tax profits of £120 million (EPS: 19.02p) for the year to March 2012. In 2013 profits of £124 million (EPS: 19.7p) are pencilled in. A dividend of 12.1p and 12.8p are forecast for 2012 and 2013, respectively.
Last recommended by Growth Company Investor last October at 185.1p with a buy/hold rating, the shares currently trade at 228.8p having gained 23.6 per cent since. Offering a yield of 5.3 per cent on 2012's dividend and having performed respectably over the past year the combination of exposure to stronger Asian markets ans a hefty yield bolster its appeal. We retain our buy/hold rating for now.
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