SSE Fiscal Year 2021 Pretax Profit Soared on Disposals, Adjusted EBIT in Line With Views

By Jaime Llinares Taboada

SSE PLC on Wednesday reported an improved profit for the fiscal year, reflecting exceptional gains on disposals which more than offset the negative impact of the coronavirus pandemic.

The Scotland-based power-generation and networks company made a pretax profit of 2.52 billion pounds ($3.56 billion) for the year to March 31, up from GBP587.6 million for fiscal 2020.

Adjusted operating profit rose 1% to GBP1.51 billion, broadly in line with the GBP1.52 billion market consensus--taken from FactSet and based on nine analysts' forecasts. This included a GBP170 million hit related to the coronavirus pandemic, toward the lower end of the guided range.

The FTSE 100 group intends to recommend a final dividend of 56.6 pence a share, bringing the full-year distribution to 81.0 pence--up from 80.0 pence a year earlier.

For fiscal 2022, SSE didn't provide guidance but said it expects the impact from the Covid-19 to be mainly restricted to its enterprise and business energy business.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

May 26, 2021 02:33 ET (06:33 GMT)

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