31 May 2007
Energy supplier Scottish and Southern Energy reports that it has made a 45% increase in profits thanks to its continued successes and high customer uptake.
Chairman Sir Robert Smith commented on the increased profits, saying: "This excellent financial performance, with profit before tax exceeding 1 billion for the first time, is a result of the implementation of a strategy to deliver strong operational performance along with our policy of responsible pricing, helping us to gain more than one million additional customers."
The high figures have prompted some industry critics to ask when the enormous profits will lead to price cuts for Scottish and Southern Energy's customers. Geoff Slaughter, Energy Product Manager at the price comparison and switching website uSwitch.com, praised the efforts of the "good guys" of the energy industry.
"Profits are up, the dividend is up and customer numbers and satisfaction are up - Scottish and Southern Energy's results today have something for everyone," he said.
Looking to the future, Mr Slaughter added: "Now that it is poised to go on to bigger and better things it is vital that it rewards customers for their loyalty and support as well as shareholders.
"All the suppliers still owe around 200 per household in price reductions so Scottish and Southern Energy should swiftly follow the good news of an increased dividend with even better news of a second price cut for customers. If it is able to strike the right balance between customers and shareholders then it will really begin motoring."