Results Round-up

Styles and Wood (S&W) shares surged on Friday as it revealed the refinancing of its outstanding convertible preference shares, with Henderson Global Investors fund and a Royal Bank of Scotland (RBS) subsidiary both investing.

The refinancing will bolster S&W's capital structures, while increasing its net assets by £3.6bn and boosting cash outflows by £5.2m, allowing greater scope for acquisitions.

S&W also announced that it swung to a net profit of £0.2m in 2014, rebounding from a £0.7m loss a year earlier, led by a stronger order book and the company's diversification strategy.

Shares in Urals Energy tanked on Friday after the Russia-focused oil group reported a substantial widening of losses on the back of a massive $17.7m hit from adverse currency movements.

The company said pre-tax losses increased to $16.1m in 2014 compared with $0.4m in 2013.

Urals’ interim chief executive Leonid Dyachenko said 2014 was a “challenging year”, driven by low oil prices and volatility on the Russian FX markets.

Gross revenues totalled $58.2m, down from $64.8m previously, on the back of lower production and lower average oil prices which fell to $98 from $109.

At the same time, the Russian double depreciated by 21% against the US dollar.