SSE Fiscal Year 2019 Pretax Profit Rose 59%
May 22 2019 - 2:55AM
Dow Jones News
By Carlo Martuscelli
SSE PLC (SSE.LN) said Wednesday that its pretax profit in fiscal
2019 rose 59% and that it expects its full-year dividend to
decrease in the fiscal year ahead.
The U.K. utility said profit for the year ended March 31 was
1.37 billion pounds ($1.74 billion) compared with GBP864.4 million
in the previous fiscal year.
Revenue in the year from continuing operations fell 73% to
GBP7.33 billion, SSE said. Accounting for exceptional and one-off
items, the company said adjusted pretax profit for the year fell
38% to GBP725.7 million.
The utility company proposed an increase to its final dividend
to 68.2 pence a share from 66.3 pence in the prior year, making a
full-year dividend of 97.5 pence. SSE said that in fiscal 2020, it
intends to recommend a full-year dividend of 80 pence per
share.
SSE said that adjusted investment and capital expenditure in the
fiscal year ahead is expected to total GBP1.5 billion. Net debt is
forecast to be around GBP10 billion as of March 31, 2020.
The company noted that the British Labour party is advocating
nationalization of the energy networks. SSE said that it is in
dialogue with representatives of the party, and is trying to show
that plans to bring utilities under government control will not
advance its wider energy policy goals.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
May 22, 2019 02:40 ET (06:40 GMT)
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