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Name | Symbol | Market | Type |
---|---|---|---|
SSE PLC (PK) | USOTC:SSEZY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.30 | 1.40% | 21.66 | 21.27 | 21.73 | 21.7425 | 21.46 | 21.46 | 56,711 | 21:05:29 |
(Update includes share price fall, more information on Capacity Market scheme)
--SSE has cut its adjusted EPS forecast for the year ending March 31, 2019.
--The energy company assumes it won't be able to recognize GBP60 million relating to the U.K.'s Capacity Market scheme this financial year
--SSE is also considering options for its energy-services business after a deal with Innogy collapsed last year
By Oliver Griffin
Shares in SSE PLC (SSE.LN) fell in early trade Friday after the company cut its forecast for adjusted earnings per share in fiscal 2019, with income due in relation to the U.K.'s Capacity Market scheme left in limbo by a European Union court ruling made in November.
Last November the EU's Court of Justice ruled that the Capacity Market scheme constituted illegal state aid. The scheme, which is designed to keep energy bills in Britain low, was suspended while the U.K. government tries to win approval to restart it.
Energy company SSE said while recognition of outstanding payment under the scheme should be "a matter of timing only," it doesn't think it will be able to recognize the outstanding 60 million pounds ($77.6 million) it is owed in the current financial year.
As a result, SSE said it now expects adjusted EPS for the fiscal-year ending March 31 in a range of 64 pence-69 pence, down from earlier estimates of 70 pence-75 pence.
Despite the cut to its adjusted EPS forecast, SSE said it still intends to declare a full-year dividend of 97.5 pence a share.
The energy company also used the trading update as an opportunity to provide insight on what it plans to do next with its SSE Energy Services business.
In November last year a proposed merger between the business and Npower Ltd., the U.K. retail division of Innogy SE's (IGY.XE), was scrapped when terms for the deal couldn't be agreed.
SSE said it believes the energy-services business will best succeed outside of the group. To that end, SSE said it is considering a standalone demerger and listing of the business, a sale of the unit or an alternative transaction.
If none of the options is viable, SSE said it might retain its energy-services business as a separate, ring-fenced business within the group that would be expected to be cashflow positive.
For the full year, SSE said it still expects its capital and investment expenditure to total around GBP1.7 billion.
Shares at 1010 GMT were unchanged at 1,173.50 pence. Shares had fallen as much as 2.1% to 1,148.50 pence earlier in the session.
Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin
(END) Dow Jones Newswires
February 08, 2019 05:27 ET (10:27 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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