Steve Holliday, Chief Executive, said:"I am pleased with the progress we made in the first half of the year: operating our networks safely and reliably and delivering a record level of investment. More recently, our teams in the US responded in a timely, safe and effective way to restore service to our customers andlimit disruption caused by 'Superstorm' Sandy. "
- Good performance in first 6 months of 2012/13
- Operating profit up 7% at constant currency2 excluding impact of timing and major storms
- Profit before tax up 21%, up 15% excluding impact of timing and major storms
- Earnings per share up 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
