British energy provider International Power (IP) expanded its operations to rapidly grow its profits during 2006.
Releasing its full-year preliminary results for the 2006 calendar year, IP said its profits from operations rose from £536 million in 2005 to £773 million a year later, an increase of 44 per cent.
Its pre-tax profits rose from £419 million to £624 million in the same period, but the company's net debt increased from £3 billion to £3.5 billion.
"2006 was another successful year for the company in terms of both strong growth in earnings and cash flow, and expansion by acquisitions and greenfield developments," Sir Neville Simms, chairman of International Power, said.
"The business is well-placed for further growth in 2007," he added.
Completed acquisitions last year included the 632MW coal-fired Coleto Creek power plant in Texas in July and the Levanto onshore wind-farm in Germany and France.
IP, which in April 2000 changed its name from the privatised National Power company and demerged its UK business to Innogy/npower, has sought to expand its coverage overseas during its recent history.
The company's shares led the morning's surge on the FTSE 100, rising by 5.46 per cent in value during morning trading.
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