Range Resources said on Friday revenues for the last half of 2012 jumped 53 per cent on the back of increased oil production.

The oil and gas company reported revenues of $15.7m, up from $10.2m a year earlier, driven by a 60% increase in oil and liquids production to 164,693 barrels.

The group narrowed its post-tax losses by 15% to $9.6m for the period as the company announced a 29% rise in proved, provable and possible (3P) net attributable reserves across three onshore Trinidad licences.

A recent reserves report revealed a 30.5m barrels increase in total unrisked net prospective resources across the company's licences to 40.5m barrels.

During the period, the firm's Lower Forest development programme on the Morne
Diablo licence in Trinidad reached record peak production of 1,000 barrels of oil per day, a 120% jump since acquisition.

Strong operational performance was also achieved in prospects in Texas, Columbia, Puntland, Guatemala and Georgia.


Pest control and hygiene giant Rentokil Initial revealed robust 2012 results on Friday, beating analyst expectations, causing shares to jump as much as 11 per cent, though analysts showed concern with the ongoing struggles with its City Link division.

Adjusted pre-tax profits came to £191m, a 10.1% year-on-year rise, driven in part by £59m of cost savings following a restructuring of the company's textiles and hygiene arm in France and its pest control division across a number of countries. Analysts were expecting a figure closer to £186m.

However, its parcel delivery arm, City Link, took the spotlight away from an otherwise strong year, as it posted a $26.4m operating loss. The division has weighed on the firm since 2007 due to high operating costs and a competitive market.

Nevertheless, Rentokil's total sales grew 2.8% at constant exchange rates to £2.55bn, towards the higher end of market expectations.

The share price was up 10.7% at 100.2p before the close of trade.

The company reported particularly stellar results in the last quarter of the year with profit up 15.9% as it performed well in Asian markets including Malaysia, China and India.

During the year, Rentokil expanded its pest control operations through the acquisition of Western Exterminator and bolt-ons in North, Central and South America and the Middle East.

Chief Executive Officer Alan Brown said Rentokil finished the year on a high note as the organisation has matured over the past two years.

"While we remain mindful of continuing tough conditions across many of our markets, the operational changes we made during the year, together with the acquisition of Western Exterminator in December, give us confidence that 2013 will see us sustain the momentum we achieved in the final quarter of 2012," he said.

The group increased its final dividend by 7.5% to 1.43p, taking the full-year total to 2.10p.

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