Meridian Energy Limited
(ASX:MEZ) says its net profit grew 7 per cent to $247 million for the financial year ended 30 June 2015.
The electricity generator highlighted modest demand growth in the New Zealand electricity market and the performance of its retail business in Australia.
CEO Mark Binns says the company will now focus on lifting retail performance in New Zealand and growing in Australia through Powershop.
The company is embarking on a five-year capital management program through which it intends to return up to $625 million to shareholders, barring any changes to the company’s financial position.
The company will pay a final dividend of 8.08 cents per share.
