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.
Losses don't depress Ultrasis
Computer-delivered healthcare specialist Ultrasis sounds bullish despite a 70 per cent annual loss increase to £769,000 pre-tax.
The Belfast-based company, whose flagship product is a depression-treating programme called Beating the Blues, lifted turnover 27 per cent to £1.6 million in the year to July, with growth of 42 per cent in the second half. But a 41 per cent increase in administrative expenses to £2.3 million, including a 'non-cash' £495,000 provision for share options, took the annual deficit to £769,000 and would have raised it to £954,000 had a £175,000 prior-year adjustment been included.
Undaunted, chairman Gerald Malone and chief executive Nigel Brabbins are determinedly upbeat. This is chiefly because of the Government's decision to make Beating the Blues, which is approved by the National Institute for Clinical Excellence, available on the National Health Service to all patients with 'mild to moderate depression' through their general practitioners.
Malone and Brabbins point out that AIM-listed Ultrasis is debt free and ended its financial year with cash of £879,000. They suggest the company, whose new customers and partners include the celebrated Priory Group, should benefit from another Government move, to provide £170 million over three years to improve patients' access to psychological therapies.
So far, however, the stock market is unimpressed. Ultrasis shares, which rose more than tenfold to 3.38p between 2004 and early last year, are back down to a barely visible 1.01p, valuing the company at £14.9 million.
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