ScottishPower confirms rising profits

ScottishPower has confirmed a massive rise in its profits, making double the amount in 2012 that it made in the previous 12 months.

The firm revealed that its pre-tax period for the year were up from £350 million to over £700 million, which led to it paying its Spanish parent Iberdrola a dividend payment of £890 million.

An increase in its gas and electricity bills helped the energy supplier – which is one of the 'big six' companies within the sector in the UK – to record the rise.

Revenue for the year was shown in the financial results to have increased to £7.8 billion from £7.4 billion a year earlier, while figures from its renewables business, included in the data for the first time, helped increase its profits.

This part of the company made £64 million over the course of the year, it was revealed.

Earlier in the month, ScottishPower confirmed that it will be plans for three potential wind farm projects in the early stages of development in Dumfries and Galloway at events throughout July.

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