Scottish Power improves performance

5 November 2002 – UK utility Scottish Power unveiled half yearly profits of à‚£336.6m ($526m) today, compared to à‚£59.8m for the corresponding period last year.

The second quarter of 2002 produced an improved financial and operational performance

Ian Russell, ScottishPower Chief Executive, said: “I am pleased to announce a further quarter of improved financial and operational performance. Our strong focus on delivering the strategic priorities set out earlier this year underpins an 83 per cent increase in operating profit in the first half and has resulted in improved financial ratios and a stronger balance sheet.”

Scottish Power said it was on track to achieve the targets it had set, particularly for US regional utility PacifiCorp where it is aiming to double operating profit to $1bn over the next three years. PacifiCorp recorded an operating profit of à‚£275m for the period.

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