Lord Smith of Kelvin - Chairman: Well, good morning, everyone. We're are pleased to be with you this morning looking back at our results for the six months till 30th September and looking forward to the rest of this financial year and beyond. My name is Robert Smith and I'll give an overview of the main financial shortly.
After that Financial Director Gregor Alexander will focus on networks. Deputy Chief Executive Alistair Phillips-Davies will cover wholesale and Chief Executive, Ian Marchant will talk about Retail. Then we can have some questions and answers.
At SSE, our managed leads the operation of the business. It's made out of the three executive directors and eight managing directors and also with us today and perhaps you should stand up for I mention your name Paul Smith who is Managing Director for generations, Will Morris who is Managing Director for retail and joined us just in September. And Alan Young who is Managing Director for corporate affairs.
Also with us today is our non-executive director who is in charge of remunerations if you have any hostile questions. That’s Susan Rice over there she will take those questions.
At SSE we start every meeting with safety and this one should be no exception. Safety also is the first key performance indicator in our results statement. I'm sorry to report that the total recordable injury rate is higher than it was a year ago at 0.14 for $100,000 of work. Relative to many other companies this is actually a very good performance it's not good enough for SSE.
Until we achieve our goal of working without any one getting injured we won't be satisfied.
While safety is SSE's number one priority the company's number one financial objective is the dividend, and increasing it every year by more than RPI inflation. Individually and collectively, all members of the board believes that dividends is the best way of remunerating shareholders for their investment.
I am pleased we have announced today SSE's 14th consecutive real increase in the interim dividend which is up 5% to GBP0.252 pence per share. That's more than three times interim dividend we paid in 1999, it's more than twice that interim dividend we paid in 2005 and it's just 0.5 penny and I'll explain what 0.5 penny is later on to the younger members of the audience is just 0.5 penny short of SSE's first full year dividend back in 1999.
Building on our dividend record is a top financial priority and that's why we are targeting an RPI plus 2% increase for 2012-13 full year dividend and taking into GBP0.84, and then annual dividend increase above RPI inflation in the years after that.
As we said the results in May, we believe our dividend target should be consistent with maintaining dividend cover over the medium-term in a range around one and a half times. That's why sustaining growth and adjusted profits before tax and earnings per share is important. Well we are always focus on full year results is encouraging that adjusted PBT and earnings per share in the first six months have been restored to levels around those achieved in 2010. This will give us a better balance between half one and half two profitability that we had last year.