Germany’s E.ON flags faster turnaround at British retail business By Reuters

FRANKFURT (Reuters) – E.ON, Germany’s largest listed energy group, said on Wednesday its British retail business was recovering faster than planned, and proposed a higher dividend as the impact from the COVID-19 pandemic was limited.

E.ON’s UK retail unit, which includes the Npower brand acquired as part of an asset swap with RWE, is likely to deliver more than 100 million pounds ($137 million) in profit this year, one year ahead of schedule.

In Britain, its second-largest market after Germany, E.ON lost about 600,000 clients in the course of 2020 as part of the ongoing restructuring.

E.ON, which became Europe’s largest operator of energy networks as part of the breakup of former RWE division Innogy, said it would propose a dividend of 0.47 euros ($0.56) for 2020, marginally higher from 0.46 euros for 2019.

“E.ON has impressively demonstrated its strength and resilience during the greatest economic crisis in decades. We deliver secure and growing earnings and dividends,” outgoing Chief Executive Johannes Teyssen said.

Adjusted operating profit (EBIT) rose 17% to 3.78 billion euros in 2020 while adjusted net profit was up 7% at 1.64 billion, E.ON said. They are seen at 3.8 billion-4 billion euros and 1.7 billion-1.9 billion euros in 2021, respectively.