Press Releases
2003/04 Preliminary Results including Fourth Quarter to 31 March 2004
25 May 2004
Highlights
Strong financial performance
- Profit before tax* up 10% to £920 million
- Earnings per share* of 36.4 pence, up 8%
- Net debt lower by £0.6 billion at £3.7 billion
- Full year dividend per share of 20.50 pence, including 6.25 pence for the fourth quarter
Improving operational performance
- US rate cases - additional $100 million annual revenue
- UK customer numbers increased by 600,000 to 4.25 million
- Cost and efficiency savings of £49 million
Investing for organic growth
- £364 million invested for growth with a range of attractive returns
- 1,060 MW of new gas fired generation announced
- 534 MW of renewables constructed in the year
| Quarter 4 | Full Year | |||
|---|---|---|---|---|
| 2003/04 | 2002/03 | £ Million | 2003/04 | 2002/03 |
| 1,748 | 1,455 | Turnover | 5,797 | 5,274 |
| 292 | 283 | Operating Profit | 1,023 | 946 |
| 321 | 317 | Operating Profit excluding goodwill | 1,151 | 1,085 |
| 239 | 214 | Profit before tax | 792 | 697 |
| 269 | 247 | Profit before tax excluding goodwill | 920 | 836 |
| 9.0 | 8.3 | Earnings per share (pence) | 29.4 | 26.2 |
| 10.6 | 10.1 | Earnings per share excluding goodwil (pence) | 36.4 | 33.7 |
| 6.25 | 7.177 | Dividends per share (pence) | 20.50 | 28.708 |
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. The full statutory results are presented in the "Group Profit and Loss Account" and in Note 2 "Segmental information" on pages 11 to 12 and 16 to 17 respectively. Unless otherwise stated, "year" relates to the year to 31 March 2004, and "quarter" relates to the three months to 31 March 2004.
Ian Russell, ScottishPower Chief Executive, said:
"This has been another good year for ScottishPower. Our strategy of improving operational performance and growing our returns through organic investment delivered strong results. Pre-tax profit* increased by 10% to £920 million and earnings per share* were up by 8% to 36.4 pence per share. The dividend for the fourth quarter of 2003/04 will be 6.25 pence per share, giving a total dividend of 20.50 pence per share for the year. Looking ahead, we are well placed to exploit fully the good opportunities we see for profitable growth on both sides of the Atlantic. Increasing demand and the need for more reliable and sustainable energy present attractive opportunities for organic growth and higher returns. We expect to invest £1.2 billion in the current year of which around half will be for organic growth. We remain confident that our strategy will create further value for shareholders." To download the full statement including accounts in pdf format, please click here
For further information:
Andrew Jamieson Head of Investor Relations +44 (0) 141 636 4527
Colin McSeveny Group Media Relations Manager +44 (0) 141 636 4515
25 May 2004
Further info
