Viridian sees annual profits power ahead

Strong demand sparked higher earnings for Northern Ireland's main power utility Viridian and lifted its shares today.

Strong demand sparked higher earnings for Northern Ireland's main power utility Viridian and lifted its shares today.

Viridian said underlying pre-tax profits for the year ending March 31 rose to £112.5 million sterling ($199 million) from £106.9 million the previous year. Earnings per share rose 12 per cent to 53.3 pence.

The company declared a final dividend of 24.20 pence, giving a total for the year of 33.66 pence, which was at the top end of market forecasts.

Viridian shares rose 3 per cent to 56.6 pence in this morning's London trade, its highest price in nearly a month.

READ MORE

Viridian's other businesses include electricity and gas supplier Energia and software firm SX3.

The company has expanded south and has offset higher costs at its main regulated businesses with strong earnings growth in non-regulated areas such as SX3. Ireland accounts for some 17 per cent of turnover.

Chief Executive Mr Patrick Haren said that the current year had started in line with expectations and added that Viridian was upbeat on prospects for Ireland, where earnings were boosted by its Huntstown plant.

Viridian's London-listed shares have underperformed the FTSE electricity sector by about 3 per cent since the start of 2004, based on last night's closing price.