ESB H1 revenue rises to €1.7bn

The ESB has reported a 4% year-on-year increase in first-half revenues to just over €1.7bn, adding that it remains on course to meet its stated targets of €280m in recurring annual savings by 2015.

Interim figures — published yesterday — show that the group made an after-tax profit of €188m for the first six months of the year; down by €45m on the corresponding period last year. (Electric Ireland figures are only broken out on a full-year basis.)

That decline was chiefly down to a combination of tax changes and higher interest rates; but operating profit for the period was up €50m to €359m, thanks to cost savings and increased revenue.