Circle Oil reported a robust set of interim results as it pumps out daily oil and gas at record levels and said it is starting to move forward on its other existing assets.
The AIM-listed international oil and gas exploration company said profit for the period rose by 10% to $14.7m in the six month period ended June 30th 2013. Group revenue climbed 20% to $42.3m.
EBITDA was up by 34% to $25.2m and cash generated from operations after working capital changes rose 69% to $23.7m.
Professor Chris Green, CEO, commented: "The interim results show Circle's efforts in exploration and development activities and increased production levels have been rewarded with further improved profitability. Daily oil and gas production levels are at a record level reflecting the benefit of previous investment and activity."
"We are also starting to move forward on our other existing assets and the recently added new Tunisian assets. Our daily gas production in Morocco has risen to in excess of 6.8 MMscf/d gross. The addition of five production wells and two water injection wells in NW Gemsa over the last 12 months has further increased oil and gas productivity which now stands at approximately 13,000 boepd gross."
"The delayed Moroccan drilling programme which will commence in H2 has been increased to 12 wells plus two workovers. The back to back drilling, combining both 2013 and 2014 drilling programmes, is designed to further enhance our Moroccan delivery and revenue stream. We have also tendered an additional 2D seismic survey for offshore Oman to delineate inshore exploration drilling targets."
Available cash at June 30th 2013 was up by 92% to $23.5m.
Car retailer Vertu Motors said it has continued to experience year-on-year profit growth, since its last update at the end of July, from new and used vehicle sales and from vehicle servicing.
In an update ahead of its half year results for the six month period ended August 31st 2013, the group said it is confident that further progress will be made during the remainder of the financial year.
Chief Executive Robert Forrester said: "Market conditions in the automotive retail sector remain favourable with growth in new car sales and stability in used vehicle pricing, and the robust and growing platform we have built is ensuring that these trends are converted into improved profits. Service operations in the group continue to exhibit growth as a consequence of higher levels of customer retention."
He added: "We are pleased with the pace of integration and the performance at the newly acquired Farnell Land Rover business. This business will make a significant contribution to the Group this year."
Vertu Motors will announce its half year results October 16th 2013.