Wednesday, November 11, 2009

Scottish & Southern Profit Jumps, Dividend Raised

By Simon Kennedy

MarketWatch Pulse

LONDON -- Scottish & Southern Energy said its fiscal first-half net profit nearly tripled to 377.9 million pounds ($632.5 million) from 128.2 million pounds a year earlier. The group said revenue fell 12.5% to 8.04 billion pounds, but costs declined further, dropping 20% to 7.05 billion pounds. The group said adjusted pretax profit rose 36% to 410.5 million pounds and it lifted its dividend to 21 pence a share from 19.8 pence a share. The company said the sharp growth was against an "exceptionally low level" a year earlier, but that it was consistent with the group's goal of a moderate, single-digit increase in adjusted pretax profit for the full year. Separately the group announced that it will seek consent to develop the U.K.'s biggest carbon dioxide capture trial facility at its Ferrybridge coal-fired power station.

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