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Mild winter causes profits slump for E.ON

UK profits have slumped by a third at energy company E.ON after a mild winter caused lower demand for heating, The Guardian has reported.

The German-owned company, which supplied power to 4.8m British households and 500,000 businesses in 2013, also said it was concerned about the political crisis in Ukraine and reported a sharp fall in profits from its Russian division.

The UK accounts for 9% of E.ON’s earnings but energy sales fell by 10% in the first half of 2014, compared with the previous year when the UK endured a big freeze and a delayed start to summer.

The UK was not the only part of the E.ON empire to suffer falling earnings: group profits were down 12% to €5bn (£4bn), as the company was hit by exchange rate fluctuations and falling prices in its German home market.

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