Updates

Capital Drilling

September 2012

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.

It might seem that the market has taken a dislike to CAPD although all similar businesses - both listed in the UK and worldwide - have been savagely derated in recent months. CAPD itself hardly seems to have put a foot wrong since its float in 2010 so clearly sentiment is to blame. The latest H1 shows a record half year for revenue, which went up a third to US$79.1m. Net debt after adding five rigs was US$20.9m against a facility of US$47m. Pretax profit was US$12.5m and earnings per share were 7 cents up from US$11.1m and 6.4 cents respectively.The key driver was the increase in the size of the fleet, up 14% year-on-year (from 76 in 1H11 to 87 in 1H12) and the average revenue per rig, which grew 28% (from $154,000 in 1H11 ...

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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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