Preliminary Announcement of audited results for the year ended 31 March 2002
30/05/2002
HIGHLIGHTS
Group profit before taxation and exceptional items up 15.8%
Adjusted earnings per share increased 11.7% to 35.3p
Strong performance from UK and US core water businesses
Yorkshire Water outperformance increased
improved service and compliance standards
good operating results from Aquarion
completion of US land sale
Good progress on the focus strategy
acquisition of New England American Water Works companies finalised April 2002
non core business disposal programme completed
Full year dividend increased 2.8% to 25.5p per share; final dividend 17.8p per share
KEY FIGURES
2002
2001
Increase
FRS 3 Profit before taxation
£197.14m
£156.4m
26.0%
Profit before taxation and non operating exceptional items
£162.7m
£140.5m
15.8%
Earnings per share
39.3p
31.7p
24.0%
Adjusted earnings per share
35.3p
31.6p
11.7%
Dividend for the year
25.5p
24.8p
2.8%
Group net debt
£1,437m
£1,395m
Gearing ratio (stated after deferred tax)
46%
46%
Interest cover
2.6
2.4
Following the announcement of Kelda group’s results for the year ended March 31 2002, the Executive Chairman, John Napier said:
"A year of solid achievement with continued improvement from core operations in the UK and US, completion of the disposal programme and further planned growth in the US. The company continues to benefit from our strategy of focus and improved management performance which we expect to maintain".
For further information contact
May 30
Richard Emmott, Kelda Group
0207 568 8732
Andrew Grant/Nigel Fairbrass,
0207 353 4200
Tulchan Communications
After May 30
Kelda Group Press Office
01274 692954
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