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SSE sticks to earnings guidance as gas offsets weaker wind performance
StockMarketWire.com
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Power utility SSE stuck to its full-year earnings guidance after a rise in gas-fired production offset lower generation from renewable sources.
SSE said it still expected adjusted earnings per share for the year through March of between 85p and 90p.
The company said it intended to recommend a full-year dividend of 80p per share plus the retail price index (RPI) and continued to target annual RPI increases to 2023, as set out in its five-year dividend plan.
Renewable output in the nine months through December, excluding pumped storage, fell to 7,046 gigawatt hours, down from 7,115 Gwh year-on-year and below budget of 7,448 GWh.
The miss was pinned on lower wind speeds.
Gas-fired generation, meanwhile, rose to 13,036 GWh, up from 12,091 GWh.
'With solid operational performance and strong strategic execution, SSE is well positioned as we move towards the end of our financial year,' finance director Gregor Alexander said.
'Our robust business model is mitigating the impact of coronavirus, our disposal programme is proceeding at pace and at Dogger Bank we have shown yet again that we can develop opportunities and create value from world-class assets.'
Story provided by StockMarketWire.com
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