SSE Expects 1st Half Adjusted Operating Profit to Fall by Half
September 12 2018 - 2:52AM
Dow Jones News
By Oliver Griffin
SSE PLC (SSE.LN) said Wednesday that it expects adjusted
operating profit for the first half of fiscal 2019 to fall by half
compared with the year earlier period, citing the impact of high
gas prices and warm weather.
The energy company, which is based in Scotland, said its
adjusted operating profit in the first five months of the financial
year, to Aug. 31, was down by around 190 million pounds ($247.4
million) compared with previous estimates.
The company said that due to the price cap put forward by U.K.
energy regulator Ofgem--which is expected to be put in place by the
end of 2018--it forecasts that the adjusted operating profit for
its energy services business will be significantly less than
expected at the start of fiscal 2019.
SSE said it expects to still recommend a full-year dividend of
97.5 pence a share for the financial year. It also expects to stick
to the five-year dividend plan that it set out in May.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
September 12, 2018 02:37 ET (06:37 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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