North Sea oil producer Harbour Energy had its profits all but wiped out by windfall taxes as it warned it had cut investment and staff.
The company was hit with $2.4bn (£2bn) of taxes – including $1.5bn from the so-called Energy Profits Levy – on pre-tax profits of about the same figure, leaving it with a profit after tax of just $8m (£6.7m).
It came as revenues from gas nearly doubled to $2.3bn (£1.9bn) while crude oil income was up 27pc to $2.8bn (£2.4bn).
That’ll get people investing…….