Quarterly Results for Three Months Ended 31 March 2001
For more information about the 2001 Quarterly Results please go to the Results Announcements section.
(London - 30 May 2001) International Power plc, one of the world's leading independent power producers, today announces its quarterly results for the three month period ending 31 March, 2001 and also reports on key accomplishments during the first five months of 2001.
"I am pleased to report that during the first quarter of 2001 International Power achieved strong financial results and operating performance", said Chairman Sir Neville Simms. "The continuing strength of our Australian operations, the programmed commissioning of new plants in the US, and attractive opportunities in Europe should help us continue to grow earnings and create value for our shareholders", he added.
| Financial Highlights |
| (Excluding exceptional items) |
Quarter
ended
31 March
2001
£m |
Quarter
ended
31 March
2000
£m |
Change
% |
Year
ended
31 December
2000
£m1 |
| Turnover2 |
|
|
|
|
|
|
|
|
|
| Gross |
297 |
220 |
+35% |
1,010 |
| Net |
132 |
112 |
+18% |
424 |
| Profit before interest and tax |
81 |
54 |
+50% |
221 |
| Earnings per share |
|
|
|
|
| Basic |
3.6p |
1.8p |
+100% |
7.3p |
| Diluted |
3.5p |
1.8p |
+ 94% |
7.3p |
| 1. The results for the year ended 31 December 2000 have been derived by aggregating the audited results for the nine months ended 31 December 2000 and the management accounts for the quarter ended 31 March 2000 and making proforma adjustments to interest and tax to reflect the capital structure of the business prior to demerger. |
| 2. Gross turnover includes the group's share of turnover of joint ventures and associates; net turnover represents turnover of subsidiaries only. |
| 3. The above results are unaudited. All information set out in this announcement relates only to the continuing business of International Power (see note 1 to the accounts for further explanation). |
Q1 2001 performance has been driven by the following key factors:
- Improved pool prices and high demand in Victoria, Australia during this summer peak period.
- Strong European contribution from Deeside (UK), Pego (Portugal) and high seasonal demand at EOP (Czech Republic).
- Sound operating performance at the US plants - all four units of our Midlothian I plant achieved commercial operation in the quarter.
Full announcement in PDF format.