12.08.04

12.8.2004: Meldung: Scottish Power - 1. Quarter results to 30 June 2004

Scottish Power plc
2004/05 1st Quarter Results to 30 June 2004

Highlights

Financial performance
- Profits from our UK businesses increased substantially
- Improving performance by PacifiCorp begins to offset slow start
- Earnings per share* of 7.9 pence, down 2%
- Dividend per share of 4.95 pence for the quarter, up 4%
- Outlook for the year unchanged
Improving operational performance
- UK customer numbers up by 250,000 to 4.5 million
- PacifiCorp named best for US commercial and industrial customer satisfaction
- Further group cost savings of £8 million
Investing for growth
- £320 million purchase of 800 MW Damhead Creek CCGT plant
- 1,060 MW of new gas fired generation announced
- Further £80 million invested for growth

Full Year Quarter 1
2003/04 £ million 2004/05 2003/04
5,797 Turnover 1,481 1,245
1,023 Operating profit 220 233
1,151 Operating profit excluding goodwill 250 266
792 Profit before tax 170 171
920 Profit before tax excluding goodwill 200 204
29.4 Earnings per share (pence) 6.3 6.3
36.4 Earnings per share excluding goodwill(pence) 7.9 8.1
20.50 Dividends per share(pence) 4.95 4.75
Note: Items marked * are excluding goodwill amortisation. ScottishPower assesses the performance of its businesses by adjusting UK GAAP statutory results to exclude items it considers to be non-recurring or non-operational. In the periods reviewed, goodwill amortisation has been excluded. We have, therefore, focused our presentation of business performance on the results excluding goodwill amortisation.

Ian Russell, ScottishPower Chief Executive, said:
"This year has started well albeit less strongly than the first quarter of last year. In the UK we gained 250,000 more customers to lift our total to 4.5 million and bought the modern Damhead Creek gas plant at an attractive price to help meet growth in demand. After a slow start, PacifiCorp"s performance improved later in the quarter. We have continued to invest for future growth and have invested a total £522 million of this year"s planned £1.5 billion spend to deliver a range of attractive returns. Recent trading for the group has been in line with our expectations and our outlook for the year remains unchanged."

To download the full statement including accounts in pdf format, please click here

Contact:
Bob Hess, Vice President, Investor Relations +44 (0) 141 636 4527
Colin McSeveny, Group Media Relations Manager +44 (0) 141 636 4515
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