International powers way to profit rise
12 April 2012
PRE-TAX profits at International Power rose by more than a third to £76m in the first quarter from £58m a year earlier in the face of tough market conditions.
The group says it is confident it will meet its financial targets for the full year. It said current market conditions mean there will be further opportunities to add to its asset portfolio over the coming months.
Chairman Sir Neville Simms said the profits increase was achieved 'despite the continuing challenges we face in some of our markets.'
The quarter saw profit before interest and tax up 32% to £107m from £81m a year earlier. The group pointed to its balance sheet strength, with gearing at 59%.
