Half Year results
Good performance in first 6 months of 2012/13
· Operating profit1 up 7% at constant currency2 excluding impact of timing and major storms3
· Profit before tax1 up 21%, up 15% excluding impact of timing and major storms
· Earnings per share1 up4 20% at 23.0p, up 14% excluding impact of timing and major storms
· Interim dividend increased by 4%, in line with policy
Progress againststrategic priorities
· Investment up 23% to £1.8bn; mostly in regulated UK and US operations
· Settlement processes for new rates filed in New York and Rhode Island progressing
· New power supply agreement concluded with the Long Island Power Authority (LIPA)
· UK regulation: RIIO process in final stages
Outlook and priorities unchanged
· Sustain focus on improving returns and securing appropriate regulatory outcomes
· Implement new UK operating model, aligning activities to deliver optimal outcomes under RIIO
· Restoration expenses following 'Superstorm' Sandy, outside LIPA, not expected to exceed £100m