Updates

Capital Drilling

April 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

CAPD has announced its 2010 results, the first since our main recommendation two months ago. At the time, the whole issue with Egypt had cast a long shadow over the shares but the roadshow accompanying the results has provided comfort to investors and the shares have bounced back sharply.There were no real surprises with revenues up by 27% to US$75.1m, pretax profit up from US$7.6m to US$12.8m and earnings up from 6.6 cents to 9 cents. During the year, CAPD added a further 14 rigs to take it to 74, which it deployed across its various client sites particularly in Egypt (Centamin Egypt and Zambia (Equinox). But because of the phased pace of expansion it will be H2's performance (where revenue growth was 61% year-on-yea ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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