| Full Year | |||
|---|---|---|---|
| 2005/06 | 2004/05 | Change | |
| Continuing operations | |||
| Adjusted operating profit*(£m) | 804.5 | 580.0 | 224.5 |
| Adjusted profit before tax*(£m) | 675.3 | 459.2 | 216.1 |
| Adjusted earnings per share*(pence) | 27.85 | 19.04 | 8.81 |
| Reported operating profit (£m) | 869.7 | 673.2 | 196.5 |
| Reported profit before tax*(£m) | 625.1 | 552.4 | 72.7 |
| Reported earnings per share*(pence) | 27.54 | 22.60 | 4.94 |
| Cash generated from operations (£m) | 864.5 | 681.4 | 183.1 |
| Group | |||
| Adjusted earnings per share *(pence) | 44.13 | 36.24 | 7.89 |
| Reported earnings per share (pence) | 83.77 | (10.56) | 94.33 |
Continuing businesses deliver strong profit growth
- Adjusted operating profit £805m* (up 39%)
- Adjusted profit before tax £675m* (up 47%)
- Adjusted earnings per share 27.9p* (up 46%)
- Reported results including IAS 39 & exceptionals also up: operating profit £870m (up 29%); profit before tax £625m (up 13%); earnings per share 27.5p (up 22%)
Total group adjusted earnings per share 44.1p* (up 22%); reported earnings per share 83.8p (2004/05: 10.6p loss per share)
Proposed full year dividend per ordinary share of 25p (up 11%); aiming to grow dividend by at least 7% per annum for next two years
Energy Networks adjusted operating profit £525m* (up 23%); driven by higher regulatory revenues and effective cost management
Energy Retail & Wholesale adjusted operating profit £214m* (up 129%); driven by higher returns on our expanded generation portfolio, energy management activities and delivery of efficiencies
PPM Energy adjusted operating profit £91m* (up 55%); driven by growth in wind and gas storage profits, and increased energy management activities; 574 MW of new wind on-line; announces new projects for 2006 and 2007
Cash generated from continuing operations increased by £183m to £864m
Continuing businesses capital investment of £1bn; 67% for growth principally UK and US windfarms
Corporate restructuring delivered £10m of savings; £50m expected in 2006/07
Sale of PacifiCorp successfully completed well ahead of schedule with £2.25bn return of cash
Items marked * represent the results of our operations adjusted to: (i) exclude the effects of IAS 39; (ii) for 2004/05, exclude the impact of contracts which were previously marked to market or otherwise fair valued but are now subject to IAS 39; (iii) exclude exceptional items; and (iv) in relation to PacifiCorp, include depreciation and amortisation charges from 24 May 2005 to 20 March 2006, which under IFRS are not recognised in the group. Reconciliations from the reported to the adjusted results are provided in Notes 1 and 10 to the 2005/06 Annual Report & Accounts.