Profit grew by 12% last year from £3.7bn to £4.03bn. Underlying pre-tax profit also rose by 12% to £532m.

However, it announced it is to cut its capital spending programme from £4.03bn to £3.7bn between 2010 and 2015.

The cuts were a result of efficiency gains of £130m, deferral and cutting of projects worth £433m, the impact of the recession on the company’s growth plans, accounting for £119m and greater future efficiency (£130m).