Rising power prices have fuelled the recovery of British Energy as the nuclear power generator put years of financial turmoil behind it.
The company yesterday said output at its eight nuclear power stations and one coal-fired power plant in the year to March 31 was higher than last year, while money paid for its supplies rocketed.
And British Energy said 73 per cent of its planned output for the current financial year had already been contracted out at an even higher price.
Chief executive Bill Coley said the firm had made "significant progress" in the last 12 months.
It follows a financial restructuring of the once debt-laden company which rescued it from the brink of collapse in 2003.
British Energy meets around a fifth of the UK's energy from a portfolio which includes sites at Hinkley Point in Somerset, Hunterston in Ayrshire, Sizewell in Suffolk, and Torness in East Lothian.
The company's coal fired plant is at Eggborough, East Yorkshire.
British Energy, which is based in East Kilbride, Scotland, posted operating profits of £635 million and pretax profits of £599 million for the year to March 31.
The Government-backed restructuring plan meant that British Energy did not provide comparisons with a year earlier.
Total output for the year was 68.4 terawatt hours (TWh) compared with 67.4 TWh a year earlier, and prices increased by £11.60 per megawatt hour (MWh) to £32.
British Energy said it had sold around 73 per cent of this year's planned output - which is expected to hit 63 TWh despite being slightly behind plan so far due to "unplanned losses" - at an average price of £43 per MWh.
It said in April that it had contracts for 65 per cent of its output at an average price of £41 per MWh.
British Energy is benefiting from higher power prices because it does not face rising costs for oil, gas and
coal, unlike other firms. Broker Citigroup repeated its "hold " recommendation and 620p target, telling clients that the group's operational performance was in line with its expectations.
It noted that the earnings before interest, tax, depreciation and ammortisation (EBITDA) figure of £846 million was 2.5 percent above its forecasts, although EPS came in below its expectations.
"BE's share price performance remains closely linked to move-ments in forward electricity prices and crude oil prices," the broker said.
It cautioned that "at the current levels, the risks and rewards are finely balanced".
UK power prices more than doubled last year as the cost of natural gas and oil soared.
The restructuring of British Energy saw its shares return to the stock market in January last year at 286p. The company joined the FTSE 100 Index earlier this year.