GLASGOW, U.K., March 29, 2004 (PRIMEZONE) -- ScottishPower (NYSE:SPI) issues the following trading update:
We will shortly be meeting with analysts ahead of entering our close period for the year ending 31 March 2004. At these meetings we will confirm that we continue to make good progress with our strategy of improving operational performance and investing for organic growth. The outlook for the full year to 31 March 2004 remains in line with our expectations as indicated at the time of our third quarter results.
Our financial hedging strategy includes a policy to hedge substantially our dollar net assets. Those hedges which were initially taken out at around $1.40 to the pound have recently been renewed maintaining an equivalent hedged cover. As a result of repricing these hedge positions, the group has received GBP400 million in cash which has been used to reduce year end net debt and will benefit the interest charge in the next financial year.
As part of the preparation for the introduction of new accounting and reporting requirements, including International Accounting Standards, ScottishPower will announce its full year results on Tuesday 25 May 2004, rather than on 5 May 2004 as previously indicated. The Annual Report and accounts will also be published from 25 May, and the fourth quarter dividend will be payable on 28 June 2004.
This information is provided by RNS
The company news service from the London Stock Exchange