Business news in brief 29/03/2012

Valiant profits surge to $129 m

Soaring oil prices helped North Sea-focused Valiant Petroleum more than double its profits last year, despite production remaining at similar levels to 2010.

The firm said yesterday that pre-tax profit for 2011 rose to $128.9 million (£81.2m) from $51.6m a year earlier. Revenues climbed 80 per cent to $317.7m, as the company sold 2.9 million barrels at an average price of $110 each.

Chief executive Peter Buchanan said the company was “well positioned for a busy 2012”, with five exploration and appraisal wells planned.

Aggreko appoints Layfied as director

TEMPORARY power supplier Aggreko yesterday pushed on with its emerging markets strategy after the Glasgow-based firm appointed an African banking expert as a non-executive director.

Diana Layfield, who is chief executive of Standard Chartered’s Africa region, has previously served as the bank’s head of strategy, chief operating officer for wholesale banking and head of global corporates.

Aggreko boss Rupert said: “Her experience is very relevant and she has deep knowledge of many of our most important markets.”

Private equity firm snaps up Everest

Windows and doors firm Everest has been sold to a private equity fund, it emerged last night.

Investment company Better Capital, chaired by Jon Moulton, said that one of its funds had bought Everest as its first acquisition, taking a 95 per cent stake. Although a price tag was not given, Better Capital said its fund has committed £25 million to finance the acquisition and fund the “working capital and restructuring requirements”.

Everest makes and fits PVC and aluminium windows and doors, as well other home improvement products.