Mercury records strong year

Mercury’s operating earnings rose 6% to $523 million while net profit rose 15% to $184 million in newly released figures.

The company had a very strong year, Mercury chairwoman Joan Withers says.

The record result was significantly influenced by an 858 GWh, or 22%, increase in full year hydro generation from persistently strong inflows across the Waikato River catchment. Total hydro generation for the year was 4724 GWh.

Its financial results were also supported by strong portfolio and plant management, growth in its retail business through a focus on customer loyalty, and a solid contribution from the Metrix smart metering business.

Mercury lifted its customer numbers by 16,000 to 392,000 during the year and its chief executive Fraser Whineray says the response to Mercury’s rebranding a year ago has been extremely positive after it changed its name from Mighty River Power.

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Visit mercury.co.nz for more information.