SSE Swung to 1st Half Pretax Loss; Plans to Consolidate Renewable Assets in U.K., Ireland
November 14 2018 - 2:58AM
Dow Jones News
By Oliver Griffin
SSE PLC (SSE.LN) said Wednesday that it swung to a pretax loss
in the first half of fiscal 2019, and that it plans to consolidate
its renewable-energy assets in the U.K. and Ireland as SSE
Renewables.
The energy company said the creation of SSE Renewables is a step
toward being a leading energy business in a low carbon world. The
new entity will have its own management team while group
operational assets are currently expected to total over four
gigawatts at March 31 2019.
For the six months ended Sept. 30, SSE recorded a loss of 265.3
million pounds ($340.6 million), compared with a pretax profit of
GBP409.3 million in the year-earlier period.
Revenue fell 69% to GBP3.33 billion during the first half of the
year, SSE said. The company also recorded a net loss of GBP291
million, compared with a net profit of GBP299.8 million in the
year-earlier period.
At its interim results in fiscal 2018, SSE announced that it had
agreed to merge SSE Energy Services, its household and services
energy business, with Innogy SE's (IGY.XE) U.K. retail division,
Npower.
However, last week the company said completion of the merger is
likely to be delayed beyond the first quarter of 2019 as it
assesses potential changes to the commercial terms of the deal,
citing recent market developments.
Accounting for the demerger of its SSE Energy Business, the
company reported a 41% fall in adjusted pretax profit to GBP246.4
million, from GBP416.7 million in the previous year.
SSE declared an interim dividend of 29.3 pence a share, up 3.2%
from 28.4 pence in the same period a year ago. The company said it
continues with its intention to recommend a full-year dividend of
97.5 pence a share and to deliver its earlier announced five-year
dividend plan.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
November 14, 2018 02:43 ET (07:43 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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