Member Info for jange

JKX has posted a year-on-year first-quarter fall in oil and gas production, although this was offset with soaring gas and oil prices. Production in the first three months of 2012 totalled 7,330 barrels of oil equivalent per day (boepd) (2011 Q1: 8,910). Oil production fell 23.3% from 2,246 barrels of oil per day (bopd) to 1,725bopd, while gas production totalled 33.6m cubic feet per day (mcfd) (2011 Q1: 40.0).

Pennant International Group, a computer simulation training and logistics company, has announced that 2012 revenues are likely to exceed current market expectations as a result of progress in the first quarter and improved visibility of the likely conduct and delivery of major contracts during the calendar year.

Supply chain software company Kewill has stated that it expects its adjusted operating profit for the year ended March 31st will be £9.3m. The figure is now defined by the company as being profit before amortisation of intangibles, share based payment charges, expensed acquisition costs, reorganisation costs and impairment costs.

DDD Group, a 3D solutions company, has revealed that sales of both its TriDef for PCs and TriDef 3D Mobile products have passed the one million unit mark. Total shipments of TriDef 3D for PC, which enables more than 650 of the latest 2D PC games to be played in 3D exceeded 1.3m licences on March 31st. TriDef 3D Mobile units surpassed one million units within nine months of its launch. "TriDef 3D software has become an industry standard, capturing an estimated 85% of the 3D PC market during 2011," the company said.

The research and consulting division was a strong performer, while the group's focus on the pharmaceuticals research market, continues to pay off. Pharma is an area in which the group continues to expand, with a focus on international markets and particularly the US market where the group is planning to invest further. A 'notable improvement' in profitability was seen during the quarter, and the forward pipeline of work is 'solid', the firm said, adding the it remains optimistic that full year expectations will be met.

Marketing firm Cello Group has reported good trading during the first three months of the year, reflecting 'the strong pipeline of work secured at the end of 2011 and a solid flow of bookings'.

The broker left its other full year forecasts for the current year unchanged, having raised them following the Prospero sale in January, but noted that the interim profit before tax outcome means the company is already 64% of the way to meeting the broker's full year profit forecast. Goldbart, who confesses to having been criticised in some quarters for being overly cautious in his outlook statements, was keen to note the "extraordinary" nature of the first half, but did go so far to say that "the first half results have laid a strong foundation on which to build business and as a result, we look forward to reporting to shareholders further progress during 2012."

The group is debt free and cash positive, with cash at the end of February standing at £3.33m, up from £2.39m a year earlier. Goldbart did not rule out using that cash money to make an acquisition to expand the range of collectibles it offers but beyond ruling out moving into the vintage Ferrari market would not be drawn further on what new areas he is targeting. The cash pile also encouraged the company to pump up the interim dividend by an inflation-busting 29% to 2.25p. House broker WH Ireland has responded by upping its forecast for the full year dividend from 5.0p to 5.25p; last year's full year dividend was 4.3

The auction divisions of Baldwin's and Apex saw revenue increase by 282% to £3.20m from £0.84m the year before, resulting in profits rising 471% to £2.38m from £0.42m the year before. Retail revenue fell from £5.68m to £3.80m in the corresponding period of the previous year, resulting in a 61% decrease in the division's profits to £0.60m from £1.52m. Given that last year it was the retail business that bagged the lion-share of profits, the balance between the two sides of the business could change again. Either way, Goldbart reckons that "what is going on in the economy, the low interest rate environment and so on, does not do us any harm

"You can only sell the same coin once, so if you auction it, then obviously you cannot sell it in your shops," Goldbart explained. In the first half of the current financial year, the auction business was in the ascendancy, particularly after the spectacularly successful sale of the Prospero Collection of ancient Greek coins. "Collections like that come up once in a blue moon," Goldbart said, as he pursued his normal course of playing down expectations. "They take a lot of preparation. The catalogue alone took eight months to write," Goldbart revealed.

In any case, the firm's web sites would probably need constant modernising to cope should online auctions really take off, a task akin to painting the Golden gate bridge, Goldbart quipped. "Online auctions will probably serve the lower end of the market," Goldbart predicted, although the odd online sale running into hundred of thousands of dollars cold and does come along occasionally. One of the curious aspects of the firm's business model is that one part of the business tends to cannibalise sales of the other.

Administration expenses rose to £1.88m from £1.33m in the corresponding period a year earlier due to a number of factors, including additional pre-auction promotional literature, advertising expenses and also due diligence costs incurred relating to ongoing potential acquisitions. It is envisaged that these expenses will fall in the second half back to the level of expenses in the previous year. "I would love to not have the costs of compiling and mailing thick catalogues, and do it all online," Goldbart confessed to Sharecast. Though the importance of online auctions is expected to increase, auction rooms and retail outlets will be around for a long while yet, Goldbart reckons

"Our balance sheet has strengthened further to £16.73m of net assets which will continue to allow us to hold a large stock and offer our clients a wide selection of stamps, coins, commemorative and military medals, bank notes and tokens," noted Ian Goldbart, Managing Director of Noble

Revenue climbed 7% to £7.00m from £6.52m a year earli

Rare coin and stamps dealer Noble Investments met raised expectations with its auction business doing most of the heavy lifting in the first half of its financial year. Proving that philately doesn't always get you nowhere, profit before tax surged 59% to £2.42m in the half-year to February 29th from £1.52m the year before. Diluted earnings per share improved to 11.98p from 7.41p last year.

at car company Pendragon's AGM last week, 67% of shareholders who voted were against the remuneration report.

Business publisher and exhibitions group UBM was the latest to feel the wrath of angry shareholders on Monday, as 36% of shareholders, representing 55.5m shares, voted against the pay deal for the group's executive team. In a further blow to the company, voters representing a 33.3m shares were withheld.

All resolutions were passed at the annual general meeting (AGMs) of the insurance group RSA, including the vote on the remuneration report. Around 6.4% of the votes cast were opposed to the remuneration report which, in the light of recent protest votes at AGMs, counts as a relatively mild protest. Shareholders representing around 2.6% of RSA's issued share capital abstained from voting on the issue.

On the economic front, UK trade figures are due out at 09:30. Market consensus is for a visible trade deficit for March of £8.40bn, which would represent an improvement from February's deficit of £8.77bn.

Panmure Gordon notes that since the trading update covering the 18 weeks to February 4th, trading is likely to have deteriorated due to the weather, "but the key focus should be on whether management remains confident it can prepay the fixed notes within the Unique securitisation, thus avoiding cash trap," the broker believes.