500 jobs cut at Scottish Power cuts 500 jobs

Scottish Power cut 500 jobs in its core electricity business last year, leaving the workforce at 5,318. This compares with a payroll of 8,286 in 1991. The company said redundancy and severance payments totaled £10m in the year to March.The figure will likely be matched in each of the next two years.

Ian Robinson, chief executive, said Scottish Power is adding jobs in developing businesses, including retailing, gas supply and telecommunications.

Cost control and increased exports to England and Wales helped Scottish Power lift pre-tax profits 6.9 per cent to £375m. Earnings per share rose by 6.2 per cent to 33.58p and the dividend for the year is up 10.1 per cent to 13.65p. The company intends to seek permission at the annual general meeting to buy up to 10 per cent of its shares but says it has immediate plans.

Turnover in the year rose by £147m to £1.7bn in spite of a mild winter in Scotland. Exports grew by £41m and are on target to account for one third of total electricity sales by the end of the decade.

The company is seeking consent from the Government to upgrade the link to the electricity grid in England and Wales - the main constraint in increasing exports - but is meeting opposition from PowerGen and from Eastern Electricity. Mr Robinson said he is surprised at the "ill-directed" objections from other companies. "We have clearly stated our intention to sell more power to England and Wales. We are going to compete in the marketplace," he said.

Scottish Power is also hoping within the next few years to begin selling into Ireland through a subsea cable, although this is subject to planning permission.

Retail sales soared by 93 per cent to £199m following the £21.5m acquisition of 50 stores from Clydesdale in March 1994. Scottish Power has also agreed to buy six superstores from Manweb for £3m.

The company's Caledonian Gas subsidiary now supplies 6,000 industrial and commercial sites in the UK, an increase of 50 per cent compared with 12 months ago.

Start your day with The Independent, sign up for daily news emails
News
ebooksAn unforgettable anthology of contemporary reportage
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Digital Optimisation Executive - Marketing

£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...

Recruitment Genius: Financial Reporting Manager

£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...

Recruitment Genius: Payments Operations Assistant

£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...

Recruitment Genius: Telephone Debt Negotiator

£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...

Day In a Page

Sepp Blatter resignation: The beginning of Fifa's long road to reform?

Does Blatter's departure mean Fifa will automatically clean up its act?

Don't bet on it, says Tom Peck
Charles Kennedy: The baby of the House who grew into a Lib Dem giant

The baby of the House who grew into a Lib Dem giant

Charles Kennedy was consistently a man of the centre-left, dedicated to social justice, but was also a champion of liberty and an opponent of the nanny-state, says Baroness Williams
Syria civil war: The harrowing testament of a five-year-old victim of this endless conflict

The harrowing testament of a five-year-old victim of Syria's endless civil war

Sahar Qanbar lost her mother and brother as civilians and government soldiers fought side by side after being surrounded by brutal Islamist fighters. Robert Fisk visited her
The future of songwriting: How streaming is changing everything we know about making music

The future of songwriting

How streaming is changing everything we know about making music
William Shemin and Henry Johnson: Jewish and black soldiers receive World War I Medal of Honor amid claims of discrimination

Recognition at long last

Jewish and black soldiers who fought in WWI finally receive medals after claims of discrimination
Beating obesity: The new pacemaker which helps over-eaters

Beating obesity

The new pacemaker which helps over-eaters
9 best women's festival waterproofs

Ready for rain: 9 best women's festival waterproofs

These are the macs to keep your denim dry and your hair frizz-free(ish)
Cycling World Hour Record: Nervous Sir Bradley Wiggins ready for pain as he prepares to go distance

Wiggins worried

Nervous Sir Bradley ready for pain as he prepares to attempt cycling's World Hour Record
Liverpool close in on Milner signing

Liverpool close in on Milner signing

Reds baulk at Christian Benteke £32.5m release clause
On your feet! Spending at least two hours a day standing reduces the risk of heart attacks, cancer and diabetes, according to new research

On your feet!

Spending half the day standing 'reduces risk of heart attacks and cancer'
With scores of surgeries closing, what hope is there for the David Cameron's promise of 5,000 more GPs and a 24/7 NHS?

The big NHS question

Why are there so few new GPs when so many want to study medicine?
Big knickers are back: Thongs ain't what they used to be

Thongs ain't what they used to be

Big knickers are back
Thurston Moore interview

Thurston Moore interview

On living in London, Sonic Youth and musical memoirs
In full bloom

In full bloom

Floral print womenswear
From leading man to Elephant Man, Bradley Cooper is terrific

From leading man to Elephant Man

Bradley Cooper is terrific