SSE Swung to Pretax Profit for 1st Half 2020; Raises Guidance
November 13 2019 - 3:08AM
Dow Jones News
By Anthony O. Goriainoff
SSE PLC (SSE.LN) reported Wednesday a swing to pretax profit for
the first half of fiscal 2020 and raised its guidance for the
year.
The FTSE 100 energy company said that for the six months ended
Sept. 30, its pretax profit was 128.9 million pounds ($165.4
million) compared with a loss of GBP284.6 million for the first
half of fiscal 2019.
Adjusted pretax profit--one of the company's preferred metrics
which strips out exceptional and other one-off items--was GBP491.9
million, up 15%.
Revenue was GBP3.05 billion, compared with GBP3.32 billion the
year before.
The board declared an interim dividend of 24 pence a share,
compared with 29.3 pence the year before.
SSE said it remains to committed to a full-year dividend of 80
pence a share as part of its five-year dividend plan to March
2023.
The company said that at Sept. 30 SSE Energy Services, and its
interests in gas production assets, were being held for sale.
However the structure of the disposal of gas production
interests--comprised of assets and hedging contracts--means the
hedging contracts will be retained and aren't accounted for as held
for sale. The company said it estimates this will add around 3
pence to its previous fiscal 2020 adjusted earnings per share
forecast. SSE now expects adjusted EPS--a key measure which strips
out exceptional and other one-off items--to be 83 pence to 88
pence. In September 2019, SSE's forecast full-year adjusted
earnings per share was around 80 pence to 85 pence, taking into
account the impact of holding its interest in Gas Production for
sale.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
November 13, 2019 02:53 ET (07:53 GMT)
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