Scottish Power dividend slashed
13 April 2012
SCOTTISH POWER slashed its dividend by 33% today, the hangover of its exit from the UK water industry. The electricity generator said last year it needed to chop payouts after selling Southern Water.
Analysts were relieved the cut was not even more savage and the shares rose 5 1/2p to 365p in early trading.
The firm today reported a £170m pre-tax first-quarter profit to end-June and said it would pay a 4.75p quarterly dividend, down from 7.177p.
