22 Jul 2014

Orion annual net profit and sales up 3%

4:59 pm on 22 July 2014

Christchurch-based electricity lines company, Orion, says it lifted annual net profit and sales 3 percent as electricity use in the Canterbury region recovers.

Orion's net profit for the 12 months ended March rose to $50.5 million while sales climbed to $268.2 million.

Chief executive Rob Jamieson said his company's aim was to support the region's recovery and its robust financial results helped it do so.

Orion, which is nearly 90 percent owned by the Christchurch City Council, plans to increase its capital spending on expanding networks capacity and security through to 2019.

In the year just gone, Orion increased its capital spending by $8 million to $71 million.

It paid a $34 million dividend for the year, up $2 million from the previous year.