Viridian profits rise 7% to £50.8m

VIRIDIAN yesterday promised to deliver real growth in dividends over the next five years, after reporting a 7% increase in operating profits to £50.8 million.

The Northern Ireland power utility reported profits growth at the top of forecasts yesterday as better earnings from non-regulated business outweighed a fall in profits from its core electricity arm.

However, the sale of its interest in two loss-making joint ventures contributed about two-thirds of the profit improvement as the company reported pre-tax profits before exceptional items and goodwill in the six months to September30 at £37.2 million, up from £30.9 million a year earlier.