2 August 2011 – interim results
The group, which operates the coal-fired power station of the same name, has announced strong interim results covering the first half of 2011. Revenues have increased to £867m (2010: £781m) and reported profit before tax increased to £168.7m (2010: £132.2m). Underlying earnings per share rose to 32p (2010: 26p) and the interim dividend was raised to 16.0p (2010: 14.1p). Net cash at 30 June was £198m. The second half will not benefit from the same level of enhanced margins and underlying profits for the year will bw lower than 2010. Since our original tip at 367.3p in April last year, the shares have risen by over 43% – however, with profits and the dividend likely to fall going foward, we suggest that any readers still holding the stock should take profits and SELL.