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UK power firm SSE ups profit outlook on strong market conditions

UK power firm SSE ups profit outlook on strong market conditions
UK power firm SSE ups profit outlook on strong market conditions Copyright Thomson Reuters 2023
Copyright Thomson Reuters 2023
By Reuters
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-British power firm SSE Plc on Friday raised its annual earnings forecast helped by strong market conditions, and said it would invest any additional profit it makes into low-carbon electricity infrastructure.

The company said it now expects adjusted earnings per share of more than 150 pence for fiscal year 2023 ending March 31, up from the previous outlook of at least 120 pence.

The group's finance director Gregor Alexander said in a trading statement that its 12.5 billion pound ($15.45 billion)net-zero acceleration programme was progressing "at pace".

SSE also said it intends to recommend a full-year dividend of 85.7 pence per share plus retail price index for 2023 fiscal, adding that the payout was expected to increase by at least 5% per annum in 2025 and 2026 financial years.

In November, National Grid and British Gas-owner Centrica too had raised their annual earnings expectations as power companies benefit from persistently high energy prices caused by the Russia-Ukraine conflict.

($1 = 0.8090 pounds)

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