The challenges of driving the restructuring at one of the world’s biggest energy companies will be revealed by Gunhild Grieve, head of IR at RWE, in her speech at the IR Magazine Conference – UK & Ireland at the London Stock Exchange on October 27.
RWE, Germany’s second-largest utility, has already said the restructuring of its UK business is beginning to show results, after it reported a 10 percent increase in profits for the first half of 2016. The company missed analyst expectations with adjusted net income of €598 mn ($659 mn), but it reiterated its earnings forecast for the full year of between €500 mn and €700 mn.
In March, RWE launched a big restructuring of its UK business RWE npower with a two-year recovery program, which the firm said would lead to the loss of 2,400 jobs from its 11,500-strong workforce. The move was announced after npower revealed a €137 mn loss for 2015 – compared with a €227 mn profit in 2014 – and acknowledged ‘serious process and system-related problems in residential customer billing’.
