Scotland Gas Networks profit up 18% to £116m

Scotland Gas Networks Plc said on Monday its turnover for the year ended March 31, 2020, edged 2% higher to £357 million while profit for the year before taxation rose 18% to £116 million.

The company had 294 full time equivalent employees. Staff costs included £15 million for wages and salaries and £13 million of pension costs.

The firm’s independent directors received remuneration totalling £48,925.

Scotland Gas Networks said revenue increased “predominantly as a result of inflation and is offset by a substantial reduction from revenue due to outperformance of the allowances set by Ofgem.”

The company paid an interim dividend of £28 million but the directors have not recommended the payment of any final dividend for the year.

The firm’s total senior debt amounted to £1.3 billion.

Capital expenditure during the year amounted to £61 million.

Scotland Gas Networks Plc describes itself as a wholly owned subsidiary of SGN MidCo Limited for which “the ultimate parent undertaking” is Scotia Gas Networks Limited (SGN) which “is owned by a consortium made up of SSE plc … Ontario Teachers’ Pension Plan Board and … Abu Dhabi Investment Authority.”

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