24th May 2023 09:10
(Alliance News) - SSE PLC on Wednesday reported a swing to loss for financial 2023 on a net adverse fair value movement on derivatives but saw revenue jump.
In the financial year that ended March 31, the Perth, Scotland-based electricity utility said revenue rose 44% to GBP12.49 billion from GBP8.70 billion a year earlier.
Particularly in SSE Thermal & Gas Storage, revenue increased 79% to GBP1.34 billion from GBP749.6 million.
However it swung to a pretax loss of GBP205.6 million from a pretax profit of GBP3.48 billion a year ago.
SSE explained that the loss was due to net GBP2.3 billion adverse fair value movement on derivatives.
Operating costs increased to GBP1.66 billion from GBP820.1 million the year before.
Adjusted earnings per share was 166.0p, up 75% from 94.8p. This beat guidance of 160p released at the end of March.
Chief Executive Officer Alistair Phillips-Davies said: "Through delivery of our societally-aligned strategy we are accelerating the build-out of renewables, reinforcing the networks needed to decarbonise, providing much-needed flexible generation, and working hard to ensure no-one is left behind in the transition to net zero. The results that we have reported today are profits with a purpose. We are creating value for all of our stakeholders and our investments exceed our earnings."
SSE proposed a final dividend of 67.7p, bringing the full year dividend to 96.7p, up 13% versus 85.7p year-on-year.
Looking ahead, SSE said it expects to report financial 2024 adjusted earnings per share of more than 150p.
Shares were up 1.4% at 1,895.00 pence each on Wednesday morning in London.
By Xindi Wei, Alliance News reporter
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