Aberdeen energy company First Oil said the UK Government’s £10billion tax raid on the industry had cost it nearly £8million.
It said the surprise levy rise had hampered its financial performance in the last financial year but it was still committed to developing its North Sea projects.
The company is owned by north-east businessman Ian Suttie, who could become one of Scotland’s richest men after the development of the Kraken field.
First Oil has a 30% stake in the discovery and after tax and development costs could be left with more than £1billion over the life of the project.
The company’s annual report for the year to April 30, released today, revealed turnover was £71.1million – up from £62.9millionin the previous 12 months.
Pre-tax profits of £11.2million in the latest period were down slightly from the £12.6million seen a year earlier.
Managing director Steve Bowyer said the results of an appraisal test at Kraken earlier this year had “exceeded our expectations”.
He added he was confident First Oil’s growth targets for the current financial year would be met.