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.
Red24 into the black
Security risk management concern Red24 has turned last year’s £328,000 interim loss into a first-half pre-tax profit of £198,000.
The Berkshire-based company, which distributes its advisory services through the HSBC banking group and troubled US insurer AIG, increased turnover 13 per cent to £1.6 million in the six months to September. Steered by chairman and key shareholder Simon Richards and director Maldwyn Worsley-Tonks, AIM-quoted Red24 cut costs and launched a new service, ‘Travel Tracker’, enabling companies to locate employees travelling abroad.
The company, whose consulting arm won three new insurance underwriting clients in Lloyd’s and North America, has been making ‘steady if unspectacular progress’ in overseas markets, including the USA and Korea, says Richards. He concedes that capital markets turmoil has had ‘a dramatic effect’ on AIG, but suggests Red24 will be able to establish direct relationships with the relevant AIG subsidiaries ‘if their ownership becomes fragmented’.
Richards says the board is confident that the company, which changed its name from ARC Risk Management last year, can overcome ‘any negative effects’ of developments at AIG and declares that they ‘will not prevent us from reaching our financial goals’. Red24, which cut annual losses from £700,000 two years ago to £263,000 in the year to last March, ended the first half of its current year with £380,000 cash, an increase of nearly 70 per cent.
Floated nine years ago at 1.25p, Red24’s shares reached 10.5p in 2006 before falling all the way to 1.37p last month. Now 2.25p, they value the company at a mere £730,000.
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