Scottish and Southern Energy has reported that its adjusted profit before tax grew by 42.5% in the first half of 2007 to GBP664.7 million, from GBP466.5 million in the same period of 2006.
The greatest growth was achieved in the firm’s generation and supply unit, where operating profit rose by 59.2%, from GBP298 million to GBP474.3 million, contributing 64.1% of Scottish and Southern Energy’s (SSE) total operating profit in the first half of the year.
According to SSE, this reflects the successful deployment of its electricity generation portfolio, and the increase in the number of energy supply-related customers, which now totals 8.3 million.
Reported profit after tax for the first half of 2007 was GBP586.3 million, compared to GBP349 million for the same period in 2006. Adjusted earnings per share stood at GBP0.57 for the first half of 2007, up 41.6% compared to GBP0.40 for the same period of 2006.
The company said that it has taken a number of steps in recent months to ensure that its performance remains strong looking forward. SSE said that in addition to improving operations and making investments in established businesses, it has identified opportunities in new areas such as emerging technologies and new markets such as Ireland.