International Power has announced strong half-yearly results.

International Power has announced its half-year financial results, with operating profits up 12%, resulting in its shares (IPR.L) rising more than 5% to make it the top FTSE 100 gainer.

The independent electricity company operates in more than 21 countries and has interests in 45 power stations globally.

Its North American profits suffered a 24% drop due to falling demand and lower gas prices, while European profits fell slightly from £299 million to £290m. However, profits in its Middle East, Australia and Asia regions all rose, contributing to its strong profits.

Sir Neville Simms, Chairman of International Power, said: “I am pleased to report an 11% increase in EPS and a 43% increase in free cash flow driven by a good operational performance across the portfolio and improved contributions from Australia and Asia.

“The Board is pleased to announce an interim dividend of 4.25 pence. Overall the business continues to perform in line with our expectations, has strong corporate liquidity and is well placed for the future.”

The sale of its entire Czech business to J&T Group is likely to earn the company £380m after tax, on completion of the sale, however International Power expects its full-year profits to still be less than the previous year.