Ithaca profits soar on Valiant deal

Ithaca Energy, a North Sea oil producer, saw its pre-tax profits in the second quarter jump to $69.1m compared with $21.7m in the same period in 2012, which it attributed to the $309m acquisition of Valiant Petroleum in April. Yet the firm’s Aim-listed shares closed down 3.36 per cent at 115p, with analysts pointing to disappointment over the firm’s production forecast for the rest of the year.