SP Ausnet: Result 2013

SP Ausnet has delivered an admirably predictable full-year result – but debt, dilution and management fees are a turn-off.

Like any good utility, SP Ausnet has delivered a predictable full-year result. Revenue rose 6.8% to $1.6bn, driving a 7.5% increase in earnings before interest, tax, depreciation and amortisation (EBITDA) to $976m. Net profit rose 9.5% to $279m, although earnings per share fell 5% to 8.5 cents per share reflecting last year's capital raising. The company declared a final dividend of 4.1c (ex date 23 May), taking the total for the year to 8.2c, 33% franked.

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