FTO.L Share News (FTO)

Shares in Fortune Oil gushed higher after a record year for the China-focused oil and gas group.Pre-tax profits in 2010 rose to £24.65m from £18.06m on group revenues that rose to £275.75m from £192.03m. Fortune also paid its first dividend, of 0.13p a share."It has been a record year for Fortune Oil with stronger performance across all key performance indicators," chairman Qian Benyuan said. "Within the energy division natural gas remains the growth engine of the business as we seek to produce and supply natural gas as a reliable source of affordable, clean and safe energy for the growing demand in China. "Our new resources division is an exciting new venture for Fortune Oil as we focus on territories in close proximity to China to acquire resource assets and work with strategic partners to develop these."