• Profit before tax* £628 million, $892 million (1999/00 - £736 million, $1,045 million)
• Earnings per share* 30.65 pence, $1.74 per ADS, pre-deferred tax, reflecting UK regulation and Hunter outage (1999/00 41.22 pence)
• Earnings per share* 27.86 pence, $1.58 per ADS, post-deferred tax (1999/00 37.97 pence)
• Dividends per share** of 26.04 pence, up 5% year on year, in line with stated aim Hunter plant in commissioning New US generation capacity under construction
• Before goodwill amortisation and exceptional items. UK sterling amounts are translated at $1.42 to £1.00, the closing exchange rate on 31 March 2001.
• Dividends per ADS will be confirmed in a separate announcement today.

This year's financial results have been impacted by the outage at the Hunter power station in Utah at a time of exceptional volatility in the western US power markets, and by the expected reductions in revenues resulting from the UK regulatory reviews. However, our underlying business performance has been good and we have taken a number of steps to sharpen our focus on improving shareholder value. These include restructuring into three divisions to focus on growth in energy and firm action in the US to capture opportunities in the western power markets. Operating profit for the year increased £9 million to £970 million, despite the impact of the outage and the regulatory reviews.

PacifiCorp contributed operating profit of £351 million, after the impact of the Hunter outage, compared to £152 million for the four month period post acquisition to March 2000. Comprehensive actions have been implemented to counteract the financial impact and risks of the volatile US power market and to provide for future growth in the US businesses. These include: the restoration of Hunter which is now in commissioning, managing debt exposure, vigorously pursuing regulatory recovery of power purchase costs, encouraging load reduction through demand side management, and introducing approximately 940 MW in new generation capacity. The PacifiCorp Transition Plan continues to progress well. Operating cost savings of $85 million in the first year have exceeded the company's Transition Plan targets.

Performance in the UK businesses was consistent with the trends reported in our interim and third quarter results, with operating profit of £619 million, compared to £810 million in the previous financial year. The reduction in UK turnover of £176 million was principally related to the impact of the regulatory price reviews and intensified competition within the electricity sector. The purchase of Rye House power station and our share of the new Brighton plant have added over 900 MW of capacity in England and Wales. We continue to explore a number of options to release value from Southern Water including refinancing or possible disposal of the business.

Ian Russell succeeded Sir Ian Robinson as Chief Executive of ScottishPower on 17 April 2001. To support the group's structure of three divisions, Ian Russell has reorganised and strengthened the executive team. Combined with the recent appointment of two new non-executive directors, Euan Baird and Allan Leighton, with impressive international and corporate experience, ScottishPower has the group direction, structure and depth of management expertise to enable it to embark on its next phase of growth of shareholder value.

Further Information:
Dominic Fry,             Director of Corporate Affairs         020 7651 2000
Colin McSeveny,     Group Media Relations Manager     020 7651 2000
Andrew Jamieson,      Head of Investor Relations         020 7651 2000