Updates from Aberdeen Asset Management, Tullow Oil and Betfair
Most markets showed resilience with the Dow Jones breaching the 13,000 point threshold; it finished Friday at 13,009 points. Overnight in Asia, the Nikkei is up +0.25% to 9,388.
First today, Aberdeen Asset Management. Aberdeen claims full-year revenues (to 30 Sept) rose 11% higher at £869.2 million (2011: £784.0 million) with underlying profits before tax increasing 15% to £347.8 million (2011: £301.9 million). There's a 21% increase in underlying earnings per share to 22.6p (2011: 18.7p).
Aberdeen says there's a final dividend of 7.1p per share (2011: 5.2p), making 11.5p for the full year (2011: 9.0p). Balance sheet is strengthened with net cash more than doubled to £266.4 million (2011: £127.5 million). Assets under management are upped 10% to £187.2 billion.
"This has been," says chief exec Martin Gilbert, "a difficult and uncertain year in the financial markets. Against this backdrop we are pleased to have delivered extremely strong performance for our shareholders by focusing on investment performance and by delivering for our clients."
Next, Tullow Oil claims its Twiga South-1 exploration well in Kenya has struck oil "with further potential to be assessed on test". It has also encountered a tight fractured rock section with hydrocarbon shows over a gross interval of 796 metres.
Twiga South-1, Tullow says, "has been drilled to a total depth of 3,250 metres and has been successfully logged and sampled. Three sandstone reservoir zones, analogous to Ngamia-1, were encountered and moveable oil, with an API greater than 30 degrees, has been recovered to surface. Further potential exists up dip of the well and will be subsequently appraised."
Having significantly expanded plans in Kenya and Ethiopia, Tullow says there may be more to look forward to as the exploration campaign and testing programme moves ahead.
Finally, Betfair Group has confirmed it's quitting Greece until there's greater clarity on the regulatory situation. The company has not applied for a permit to operate in Greece as, according to legal advice, the value of these permits is unclear.
Betfair claims the gambling legislation in the country to be inconsistent with European law. Also, the associated fiscal conditions attached to permits, which may include payment of taxes on historical revenues, make the market economically unattractive says the company.
"Betfair," the company said in a statement this morning, "had been expected to generate £13 million of revenue and £7 million of contribution from the Greek market in the current financial year."