Oilfield services subcontractor Abbot has sold its 50% share of wind farm joint venture Powergen Renewables back to Powergen for £57.5m. This represents a hefty £46.1m exceptional profit on book value and the costs of the transaction, which was arranged by Cazenove and PwC. That figure is nearly double what house broker Old Mutual expected the group's total pre-tax profits to be for the whole year to December (£23.4m). The proceeds of the sale will be used to reduce debt to £38.2m, representing gearing of 26%, down from 99%. Trading across the remainder of the group is said to being line with expectations. At the interim stage Abbot increased pre-tax profits from £6.5m to £9.9m, boosted by the better-than-expected integration of last year's £134m acquisition Deutag. Fair value at 139.5p per share.