Electricity firm to axe 600 jobs
The chairman, John Harris, said that the changes were part of a drive to reduce costs throughout the company. About 400 jobs have been shed over the past two-and-a-half years and that trend is expected to continue.
In the first half of the year, a strong performance in the core electricity business lifted pre-tax profits by 23 per cent to pounds 30.3m from pounds 24.7m a year earlier. Turnover rose by 3.6 per cent to pounds 681.5m and the interim dividend is up 12 per cent to 5.72p.
The retail operation, which will be merged in April with that of Yorkshire Electricity, made a loss of about pounds 600,000 in the first six months. However, Mr Harris said that retail would make an operating profit for the full year.
He said five-year contracts now being negotiated by British Coal and the electricity industry would almost certainly mean a price freeze for his customers next April.
Mr Harris called on Michael Heseltine, President of the Board of Trade, to ensure that electricity consumers would not suffer as a result of the current review of energy policy.
- 2 Friends 20th anniversary: Alison Jackson photographs reunited cast
- 3 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 5 Free U2 album: How the most generous giveaway in music history turned into a PR disaster
Scottish independence: Despite defeat history may still point to Alex Salmond as the victor
Scottish independence referendum: Frankie Boyle reacts to nation's 'No' vote - 'To be fair, I've always hated Scotland'
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Scottish referendum: Police struggle to control Unionist rally in Glasgow's George Square
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...