'Big Six' UK energy provider E.On posts first half profits of 15%

'Big Six' UK energy provider E.On has posted profits of 15% for the first half of the year.

The firm attributes the cold start to the year as part of the reason behind the £273m it generated in profits in the first half of 2013.

In total, E.On's UK revenue rose more than nine per cent to £4.4bn for the first six months of the year.

E.On UK chief executive, Tony Cocker, said: "We are continuing to work hard for our customers, make improvements to service and operate a sustainable business that delivers a fair profit.

"The colder start to the year meant more energy has been used, so sales are up; the costs we control have come down at a time when those we don't control are continuing to rise; meaning that ultimately whilst our profit has increased slightly our overall supply profit margin is very much in line with last year."

The rise in UK revenue comes after the firm hit its 5.3 million UK customers with bill hikes of 8.7% on duel fuel bills and 9.4% on gas in January, although due to its policy of not rising prices again in 2012, it was the last of the 'Big Six' energy suppliers to put its energy bills up last winter.

Elsewhere however, E.On has blamed the financial crisis in Europe for a poor first half showing which was seen its profits slump. The firm's underlying net income fell 42% to €1.9 billion.

E.On chief executive, Dr Johannes Teyssen, said: "A sober view of the situation indicates that, at least for 2013 and 2014, no recovery is in sight."

As part of the government's Green Deal scheme, E.On is a listed Green Deal supplier. The Green deal offers energy customers the opportunity to take out a loan on energy improvement measures such as the fitting of loft insulation or fitting of a more energy efficient boiler.

 

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