Which were last week’s best performing Scottish shares on the stock market?
The Moodiesburn-based sausage skin maker continued its recovery from last month’s profit warning, which sent its shares tumbling after the company said that sales volumes for 2017 “are now expected to be approximately 10 per cent lower than previously anticipated”. Devro said it was taking action “to rebalance the use of capacity across our global manufacturing base”, but analysts at Peel Hunt said they “need to see credible evidence of an improvement to be positive”.
Shares closed at 145p on Friday 2 December and at 166p on Friday 9 December
Having told investors that it was in a “stronger position than ever” as it unveiled a 10 per cent rise in full-year profits, the Edinburgh-based developer of billing software for the US hospitals sector said at last month’s annual shareholder meeting that its bosses “see that momentum continuing in the current year”. Chief executive Keith Neilson said: “With our expanded offering and market opportunity, high levels of revenue visibility and favourable market backdrop, we believe we are just at the start of a long-term growth trajectory and are confident in the future success of Craneware.”
Shares closed at 1,065p on Friday 2 December and at 1,207.5p on Friday 9 December
Royal Bank of Scotland +12.4%
The state-backed lender has had a busy few weeks, failing a Bank of England stress test then agreeing to pay up to £800 million to settle claims dating back to its £12 billion rights issue in 2008. The group, which remains 72 per cent owned by the taxpayer, is also planning to close half its branches in Edinburgh as part of its latest round of cost-cutting efforts.
Shares closed at 193.4p on Friday 2 December and at 217.3p on Friday 9 December
Faroe Petroleum +12.1%
Results in September showed that the Aberdeen-based oil and gas explorer slid into the red during the first half of the year, but chief executive Graham Stewart said the firm was “well placed for growth” following its “transformational” acquisition of a number of fields from Danish group Dong. The purchase was completed last week at a price of about $26.7m (£21.1m), down from a previously announced original consideration of $70.2m.
Shares closed at 80.5p on Friday 2 December and at 90.25p on Friday 9 December
The temporary power specialist is confident of delivering annual profits broadly in line with City hopes despite seeing revenues fall during the third quarter. The Glasgow-based group said underlying revenues were 7 per cent down on a year earlier, with sales at its generator hire business “materially lower” in North America amid the ongoing weakness in the upstream oil and gas sector. But chief executive Chris Weston said management were “creating a stronger and more resilient group for the future.”
Shares closed at 809p on Friday 2 December and at 872.5p on Friday 9 December