SSE Swung to 1st Half Pretax Loss After Booking Higher Costs; Backs Guidance

By Anthony O. Goriainoff

SSE PLC said Wednesday that it swung to a pretax loss for the first half of fiscal 2023 after booking higher costs, and backed its guidance for the year.

The London-listed energy company said that for the six months ended Sept. 30 pretax loss was 511 million pounds ($606.4 million) compared with a profit of GBP1.69 billion for the first half of fiscal 2022.

Adjusted pretax profit--a metric which strips out exceptional and other one-off items--was GBP589 million compared with GBP166 million the year before. Among other items the company booked a GBP1.55 billion cumulative net adverse movement on forward commodity, gas inventory and financing derivative fair value re-measurements.

Revenue rose to GBP5.63 billion from GBP3.54 billion in the year-prior period.

The board declared an interim dividend of 29 pence a share.

The FTSE 100 company said it continued to expect adjusted earnings per shares of at least 120 pence, and that it remained on course to report record capital expenditure in fiscal 2023 of over GBP2.5 billion, including acquisitions.

"Our business model and strategy are delivering for our stakeholders today, whilst creating future long-term societal value," Chief Executive Alistair Phillips-Davies said.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

November 16, 2022 02:42 ET (07:42 GMT)

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