16th Nov 2022 09:45
(Alliance News) - SSE PLC on Wednesday said it swung to a pretax loss in the six months that ended September 30, as the Perth, Scotland-based electricity provider saw its cost of sales soar.
The power utility posted a pretax loss of GBP511.0 million, versus a profit of GBP1.69 billion a year prior. This came as costs rocketed to GBP6.13 billion from GBP1.19 billion the previous year.
However, operating profit of Thermal & Gas Storage rose 85% to GBP887.5 million from GBP479.5 million. For Renewables, operating loss narrowed to GBP29.3 million from GBP33.6 million.
SSE business classified as 'other' turned to an operating interim loss of GBP1.88 billion from a profit of GBP1.12 billion a year prior.
The company board recommended an interim dividend of 29.0p per share, in line with its policy and up from 25.5p last year.
Meanwhile, SSE noted the negative impact of fair value remeasurements totalling GBP1.5 billion, principally arising on forward commodity contracts.
More positively, SSE posted revenue of GBP5.63 billion, up 59% from GBP3.54 billion.
Looking ahead, the company said it expects adjusted earnings per share for the full-year of at least 120 pence, up from 95.4p in financial 2022.
SEE said it remains on course to make record capital expenditure in excess of GBP2.5 billion. For financial 2022, the company made adjusted investment and capital expenditure of GBP2.07 billion.
SSE shares were 1.3% lower at 1,622.50 pence each in London on Wednesday morning.
By Tom Budszus; [email protected]
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