Northern Ireland power utility Viridian said today profits grew in line with expectations, with better earnings from non-regulated business offsetting a decline in profits at its core electricity arm.
The company said pretax profit before exceptional items and goodwill in the six months to September 30th grew to £37.2 million sterling from £30.9 million a year earlier.
Analysts had expected profit between £30 million and £38 million. It raised its interim dividend 3.5 per cent to pence a share.
The smallest of three remaining listed integrated UK power utilities, Viridian is expanding from its Northern Ireland base into the Republic. "[We are] well placed to take advantage of the further market opening due to take place in both Northern Ireland and the Republic of Ireland," the company said.
Profits at its regulated businesses were affected, as expected, by renewed pension charges that were flagged by the company earlier this year.