North Sea oil producer Enquest is to purchase again shares from buyers for the primary time, claiming the windfall tax is hurting the {industry}.
The power agency, which was arrange in 2010 and operates within the UK and Malaysia, is to launch a £12million repurchase programme this 12 months.
Enquest’s funds improved in 2023 as debt fell to £381million, from £567million the 12 months earlier than. It has since fallen to £324million.
Income was hit by decrease oil and gasoline costs whereas its losses narrowed to £24million from £33million.
Yesterday its shares rose 0.7 per cent, or 0.1p, to 14.1p.
Tax squeeze: Vitality agency Enquest, which was arrange in 2010 and operates within the UK and Malaysia, is to launch a £12m repurchase programme this 12 months
Nevertheless it warned that it’s working in a ‘difficult UK fiscal surroundings’ because the Chancellor’s choice to increase the power earnings levy by a 12 months to 2029 represented the fourth change within the final two years.
Chief govt Amjad Bseisu mentioned the levy ‘has resulted in quite a few {industry} contributors accelerating their shift in focus away from the UK North Sea’.
The windfall tax was launched in 2022. Oil and gasoline companies pay a 40 per cent tax price. With the levy raised to 35 per cent in January final 12 months, they now pay 75 per cent.
Capricorn Vitality additionally desires to return money to its shareholders.
It has proposed paying a particular £40million dividend by the top of June. Shares rose 4.8 per cent, or 8p, to 175p.
The FTSE 100 was up 0.3 per cent, or 20.64 factors, to 7952.62 and the FTSE 250 was up 0.4 per cent, or 74.07 factors, to 19,884.73.
AO World additionally had a stellar day after the net electrical retailer mentioned its revenue for the 12 months to the top of March needs to be on the high finish of its £28million to £33million vary.
Shares surged 12.2 per cent, or 10.95p, to 100.8p.
Traders in Direct Line needs to be comforted by new boss Adam Winslow whose appointment is a ‘helpful step in re-establishing credibility’, in response to Deutsche Financial institution Analysis, which urged its purchasers to purchase the insurer’s inventory – it climbed 0.3 per cent, or 0.65p, to 195.05p.
Vodafone chairman Jean-Francois van Boxmeer purchased greater than £500,000 value of shares within the telecoms large, snapping up 823,500 at 69p every. Vodafone rose 1.5 per cent, or 1.04p, to 70.46p.
Troubled music agency Hipgnosis, which owns the rights to songs by artists resembling Shakira and Blondie, mentioned that its portfolio has been independently valued at almost £1.6billion, lifting it 8.3 per cent, or 5.3p, to 69p.
It is going to be outlining proposals for its future by April 26 and can ask shareholders to vote on any choice.
Molecular diagnostics agency Genedrive is hoping its genetic package that may stop infants going deaf will likely be permitted by US regulators. It added that it want to lift contemporary funds, as shares rose 3.9 per cent, or 0.13p, to 3p.
Podcast writer Audioboom has added six exhibits to its community, together with one hosted by Arnold Schwarzenegger’s daughter Katherine – and gained 5.4 per cent, or 12.5p, to 245p.
Kitwave, which sells and delivers items, purchased wholesaler Complete Foodservice for £21million, and rose 4.2 per cent, or 15p, to 371p.
