Iberdrola on Wednesay unveiled a 12 per cent rise in full year net earnings to €2.71bn, on the back of lower provisions and a strong performance from the power group’s networks business – especially in the US.

The Spanish utility is the largest producer of wind energy in the world, with important network and generation operations in the US, UK, Mexico and Brazil, aside from its home market.

The US, where Iberdrola was able to consolidate the contribution from its UIL subsidiary for the first time, emerged as a notable bright spot, with revenues in the network business rising 50 per cent year on year to €3.98bn.

In the UK, where Iberdrola owns ScottishPower, revenues were sharply lower: sales from the group’s networks business fell by 14 per cent and from power generation by 28 per cent.

The jump in full year group profits came in slightly ahead of analyst expectations, and despite a 7 per cent decline in revenues to €29.22. The gross margin rose by 1 per cent to €12.92bn.

Iberdrola said its 2016 results were adversely affected by currency swings, with two key currencies – sterling and the Brazilian real – declining against the euro.

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