City File: Hefty dividend cut and write-offs for Lasmo
Sunday 11 April 1993
Mr Darby took over in January and was given the perfect chance to present himself as the new broom. He has not missed his chance. Memories in the City of the pounds 385m pre-tax loss and 10 per cent decline in the share price have been supplanted by a new mood. Smith New Court was a buyer at 157p, with the shares good value on asset and cash-flow grounds.
Lasmo's high debt - pounds 1.14bn at the end of 1992 - is a worry. But a disposal programme should trim that to about pounds 800m by the end of this year.
Cutbacks on exploration expenditure to improve productivity are also expected. There will be little immediate impact on earnings, which will stay depressed in the short term. But Smith New Court is looking to a strong recovery in the mid 1990s as new fields in Liverpool Bay come on stream.
Jo from Northern Ireland was less than impressed by Russell Brand's attempt to stage a publicity stunt
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- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
Shock poll shows voters believe Ukip is to the left of the Tories
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
New era of cheap oil 'will destroy green revolution'
Ukip founder Alan Sked and Nigel Farage 'begged Enoch Powell to stand as a candidate'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
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