2002/03 HALF YEAR RESULTS including 2nd Quarter to 30 September 2002
5 November 2002
- A further quarter of improved financial and operational performance
- Operating profit* increased by 83% in the half year
- Improved financial ratios and stronger balance sheet
- Firmly on track to achieve targets set, particularly for PacifiCorp
| Second Quarter 01/02 | Second Quarter 02/03 | First Half 01/02 | First Half 02/03 | |
|---|---|---|---|---|
| 1605.3 | 1209.4 | Turnover (£ million) | 3,289.9 | 2447.0 |
| 46.7 | 227.8 | Operating profit (£ million) | 247.0 | 450.9 |
| (45.5) | 184.5 | Profit / (loss) before tax (£million)** | 59.8 | 336.6 |
| - | - | Exceptinal item (£ million) | (120.1) | - |
| (1.37) | 7.34 | Earnings / (loss) per share (pence)** | 3.53 | 13.55 |
| 6.835 | 7.177 | Dividends per share (pence) | 13.670 | 14.354 |
* Before goodwill amortisation
** Before goodwill amortisation and prior year exceptional item
All figures below are before the impact of goodwill amortisation and the prior year exceptional item unless otherwise stated. "Half year" relates to the six months to 30 September 2002, and "quarter" relates to the three months to 30 September 2002, unless otherwise stated.
Ian Russell, ScottishPower Chief Executive, said: "I am pleased to announce a further quarter of improved financial and operational performance. Our strong focus on delivering the strategic priorities set out earlier this year underpins an 83% increase in operating profit in the first half and has resulted in improved financial ratios and a stronger balance sheet. We are now firmly on track to achieve the targets we have set, particularly for PacifiCorp where we are aiming to double operating profit to $1 billion over the next three years".
Further Information:
Andrew Jamieson Head of Investor Relations 0141 636 4527
Colin McSeveny Group Media Relations Manager 0141 636 4515
High resolution images of Ian Russell (Chief Executive) and David Nish (Finance Director) are available for the media to view and download free of charge from http://www.vismedia.co.uk/
