30.05.06

30.5.2006: Meldung: Scottish Power plc: preliminary results for the year ended 31 march 2003

SCOTTISH POWER plc

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2006

SCOTTISHPOWER DELIVERS STRONG GROWTH AND INVESTMENT RETURNS

* Continuing businesses deliver strong profit growth
- Adjusted operating profit £805m* (up 39%)
- Adjusted profit before tax £675m* (up 47%)
- Adjusted earnings per share 27.9p* (up 46%)
- Reported results including IAS 39 & exceptionals also up: operating profit £870m (up 29%); profit before tax £625m (up 13%); earnings per share 27.5p (up 22%)

* Total group adjusted earnings per share 44.1p* (up 22%); reported earnings per share 83.8p (2004/05: 10.6p loss per share)

* Proposed full year dividend per ordinary share of 25p (up 11%); aiming to grow dividend by at least 7% per annum for next two years

* Energy Networks adjusted operating profit £525m* (up 23%); driven by higher regulatory revenues and effective cost management

* Energy Retail & Wholesale adjusted operating profit £214m* (up 129%); driven by higher returns on our expanded generation portfolio, energy management activities and delivery of efficiencies

* PPM Energy adjusted operating profit £91m* (up 55%); driven by growth in wind and gas storage profits, and increased energy management activities; 574 MW of new wind on-line; announces new projects for 2006 and 2007

* Cash generated from continuing operations increased by £183m to £864m

* Continuing businesses capital investment of £1bn; 67% for growth principally UK and US windfarms

* Corporate restructuring delivered £10m of savings; £50m expected in 2006/07

* Sale of PacifiCorp successfully completed well ahead of schedule with £2.25bn return of cash


Philip Bowman, ScottishPower Chief Executive, said:

"This is an excellent set of results for ScottishPower. All our businesses have delivered very good growth through improved operational performance and attractive returns on our investment programme. With the sale of PacifiCorp completed, ScottishPower now has a strong set of businesses that are well positioned in their markets and offer attractive prospects for future growth. I am confident that ScottishPower will continue to make significant progress and create value for shareholders."

Note: Items marked * represent adjusted results, further details of which, together with the reported results, are given in the Financial Overview section on page 8.

FURTHER INFORMATION:

Investor enquiries:
Jennifer Lawton Director, Investor Relations 0141 636 4527
David Ross Group Investor Relations Manager 0141 566 4853

Media enquiries:
Colin McSeveny Director, Media Relations 0141 636 4515
Simon McMillan Group Media Relations Manager 0141 566 4875
Anthony Cardew Cardew Group 020 7930 0777
Rupert Pittman Cardew Group 020 7930 0777
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