SSE Backs View After Swing to Pretax Profit

By Christian Moess Laursen

SSE backed its full-year outlook after swinging to a pretax profit in the first half of fiscal 2024, boosted by strong results in renewables, thermal and transmission divisions.

The U.K. energy infrastructure provider said Wednesday that its pretax profit swung to 573.3 million pounds ($716.6 million) in the half year to Sept. 30 from a loss of GBP511.0 million in the same period a year prior.

Steep operating profit increases in the renewables and the thermal segments drove the positive swing, while the larger transmission unit's operating profit edged higher, all of which also driving a swing to group operating profit, now GBP602.3 million from a loss of GBP635.1 million.

The gains offset operating profit decreases in distribution and gas storage.

However, revenue fell to GBP4.79 billion from GBP5.63 billion.

The group also declared an interim dividend of 20 pence, up from 29 pence a year prior.

Adjusted earnings per share was 37.0 pence, down from 41.8 pence.

On the back of the result, the FTSE 100-listed utility reaffirmed its full-year adjusted earnings per share target of more than 150 pence.

Write to Christian Moess Laursen at [e-mail]

(END) Dow Jones Newswires

November 15, 2023 02:36 ET (07:36 GMT)

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