Tullow shares dip after mixed first-half results

SHARES in Tullow shed as much as 7% of their value yesterday after mixed first-half results.

London-quoted Tullow said pre-tax profits were ahead of the 2002 figure by 31% at £16.5m, but adjusted earnings per share of 1.8p was well below analyst forecasts of 3.2p.

After charges, net profit fell to £6.8 million from £7.6m.