First-half distribution profits fell by 8 per cent to pounds 40.6m because of these factors and a decision to freeze charges to its wholesale supply business for 1992/3. Provisions for early retirement jumped from pounds 2.2m to pounds 4.1m.
Despite this setback, which Manweb does not expect fully to recover in the second half, pre-tax profits in the six months to 30 September rose by 34.9 per cent to pounds 37.1m. This stemmed from an pounds 11m rise in wholesale supply and a pounds 2.8m cut in interest charges to pounds 1.3m, reflecting lower working capital. The interim dividend is 11.9 per cent higher at 5.45p.
A restructured retailing and a contracting operation broke even, although contracting suffered reorganisation charges of pounds 600,000.
Manweb, the only regional electricity company with no interests in gas-fired power generation, has invested pounds 1.7m in two wind farms.Reuse content