ScotPower profits show new energy

SCOTTISH POWER, fresh from reporting the biggest ever loss at a privatised British utility, went some way to repairing investor confidence today when reporting 50% growth in first-quarter underlying profits to the end of June.

A £1bn loss last year helped the shares down to a six-year low. But a recovery in its US PacifiCorp business helped pre-exceptional, pre-tax profits up to £152m. The shares today rose 12 3/4p to 327p.

Its UK generation and supply business lost £8m due to a 24% fall in electricity prices since the start of the Neta open market in power trading.

The first-quarter dividend rises 5% to 7.177p.