E.ON sees core earnings rise 10% to €1.7bn

The Big Six supplier gained around 100,000 new domestic customers over the same period the year before

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E.ON’s pre-tax earnings from the company’s core business hit €1.7 billion (£1.53bn) in the first half of 2018.

This is 10% above what it called a “weak” prior-year figure of €1.6 billion (£1.44bn) during the same period the year before.

The company’s adjusted net income of €1,052 million (£945m) surpassed the prior-year figure of €881 million (£791m) by €171 million (£154m) or 19%.

E.ON expects the group’s full-year adjusted pre-tax earnings to be up to €3 billion (2.7bn) and its full-year net income to be as much as €1.5 billion (£1.35bn).

The Big Six supplier gained around 100,000 new domestic customers compared to the same period the year before.

Sales at its renewables segment rose from €710 million (£638m) to €741 million (£666m), primarily because of higher output due to the commissioning of new offshore and onshore wind farms, with its earnings increasing by 15% to €236 million (£212m).

E.ON’s Chief Financial Officer Marc Spieker said. “Our core business — Energy Networks, Customer Solutions and Renewables — delivered good results, even though we continue to face fierce competition, primarily in our customer solutions business.

“We’re meeting these challenges with new products, new solutions and even better, more efficient processes, particularly for our customers.”

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