Latest results

Half year results 2014/15

Positive first half performance

  • Overall performance in the first six months in line with Group expectations for the full year
  • UK: continued delivery of good operational performance and capital programme efficiencies
  • US: strong growth and completion of major financial system upgrade balanced by increased gas mains repair costs following the exceptionally cold winter of 2013/14
  • Interim dividend of 14.71p per share in line with policy

Financial results for continuing operations

  • Adjusted operating profit1 2% higher at £1,611m
  • Adjusted earnings per share1 16% higher at 23.4p principally due to lower financing costs

Solid outlook for operating performance, asset growth and earnings

  • On track to deliver another year of strong overall returns and dividend growth
  • Investment of £3.1bn to £3.3bn expected to drive regulated asset growth of around 5% this year
  • Continued share repurchase programme to minimise scrip dilution
  • Attractive £1.5bn RPI-linked loan facility agreed with the European Investment Bank
  • Joint venture agreed with the Berkeley Group to unlock value from London property portfolio
1 ’Adjusted results’ and a number of other terms and performance measures used in this document are not defined within accounting standards or may be applied differently by other organisations.. For clarity definitions of these terms and descriptions of restatements have been provided on page 19. Prior year EPS has been adjusted to reflect the additional shares issued as scrip dividends, refer to note 6 on page 32.