Preliminary Announcement of audited results for the year ended 31 March 2004
26/05/2004
HIGHLIGHTS
Group turnover up 5.1% to £725.5m
Group profit before taxation and exceptional items up 9.4% to £191.6m
Adjusted earnings per share (excluding deferred tax) increased 9.0% to 46.2p
Strong performance from UK water business increases prospective financial out-performance in the current price determination period
Ofwat assessment confirms Yorkshire Water’s sector leading financial and operational performance
Steady performance from Aquarion US water business
Sale of Waste Recycling Group stake and share buy back completed
Full year dividend increased 3.0% to 26.83p per share; final dividend 18.73p per share
KEY FIGURES
2004
2003
Increase
Group turnover
£725.5m
£690.5m
5.1%
Profit on ordinary activities before exceptional items and interest
£294.7m
£284.1m
3.7%
Profit before taxation and exceptional items
£191.6m
£175.2m
9.4%
Adjusted earnings per share (excluding deferred tax)
46.2p
42.4p
9.0%
Dividend for the year
26.83p
26.05p
3.0%
Group net debt
£1,706m
£1,720m
(0.8)
Following the announcement of Kelda group’s results for the year ended 31 March 2004, the Chairman, John Napier said:
“Kelda’s strategy of focus on high quality water and waste water services has been underpinned this year by outperformance, increased turnover and efficiency gains in UK water activities and the sale of our 46% interest in WRG. The outcome is a very satisfactory set of results.”
