Which Scottish shares made the biggest gains last week?
BRAVEHEART INVESTMENT GROUP +14.6%
The business angel investment group, based in Perth, moved into the black at the half-year stage, delivering a record profit of £475,000 for the six months to the end of September, against a loss of more than £1 million a year earlier, following efforts to reduce its operating costs. The firm, led by chief executive Trevor Brown, told investors today that its performance “continued strongly through the third quarter” and directors expect this to continue “for the remainder of the financial year”. As well as keeping a careful eye on costs, Braveheart continues to seek sales from its investment portfolio to add to cash available for more deals.
• Shares closed at 10.25p on Tuesday 3 January and at 11.75p on Friday 6 January
MINOAN + 13%
The Glasgow-based travel and leisure group, which is awaiting the outcome of an appeal against the issue of a presidential decree regarding its long-awaited resort development on Crete, recently issued 2.7 million shares to settle a number of existing liabilities. Chairman Christopher Egleton also said that, while the firm waits hear the Greek Council of State’s decision, “trading in our travel business has begun the year strongly and is comfortably ahead of the corresponding period last year”.
• Shares closed at 6.75p on Tuesday 3 January and at 7.625p on Friday 6 January
The oil and gas producer, headquartered in Aberdeen, is looking to take advantage of the depressed market by searching out more acquisition opportunities. The group, led by executive chairman Tom Cross, recently upped its stake in two North Sea oil fields in a move that lifted its reserves by 19 per cent to 27.9 million barrels of oil equivalent. Parkmead also reported dramatically lower pre-tax losses of £6.4m for the year to the end of June, down from £30.8m a year earlier, as lower operating costs helped to offset a decline in revenues.
• Shares closed at 57.15p on Tuesday 3 January and at 63.25p on Friday 6 January
JOHNSTON PRESS + 5.9%
Last month the media group, which owns The Scotsman, agreed a £17m deal to sell a raft of titles in East Anglia and the East Midlands to Iliffe Media. Chief executive Ashley Highfield said the sale “marks a major milestone in our divestment strategy and puts us firmly on the path of refocusing our activities on areas with the greatest growth potential. The disposal will also reduce our net debt whilst putting us on a stronger footing.” Johnston Press has also agreed amended terms to its £10m revolving credit facility, which will reduce over time until the end of June next year.
• Shares closed at 13.34p on Tuesday 3 January and at 14.125p on Friday 6 January
Having already secured a deal to help keep the lights on at next year’s Commonwealth Games on Australia’s Gold Coast, the Glasgow-based temporary power specialist won a $40m (£32.9m) contract for the 2018 Winter Olympics in the South Korean city of PyeongChang. Under the latest deal, Aggreko will provide power across 18 competition venues and the international broadcast centre, “ensuring an uninterrupted television broadcast to millions of viewers throughout the world”.
• Shares closed at 945.5p on Tuesday 3 January and at 976p on Friday 6 January