Half year report for the six months ended 30 September 2015
Steve Holliday, Chief Executive, said: "Our business has delivered a strong performance in the first half of the year while maintaining high standards of safety and reliability for our customers and increasing our level of investment. Headline profits have benefited from an excellent performance from our interconnectors and property activities, which are strongly weighted towards the first half."
Strong first half performance:
· Adjusted earnings per share of 28.4p, up 22%, principally driven by other activities
· Investment of £1.9bn up 17% at constant currency
· UK Regulated: progress towards another year of good performance
· US Regulated:
o increased investment to over $1.4bn
o agreed increased capex and extended tracker in downstate New York
o full rate case filed for Massachusetts Electric
· Other activities: very strong first half UK interconnector and property performance
· Strong balance sheet maintained
o interim dividend of 15.00p per share in line with policy
Portfolio development:
· Commencing a process for the potential sale of a majority stake in UK Gas Distribution
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