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SSE PLC on Thursday reiterated its guidance for its current financial year following a solid performance for its first quarter.
The Perth, Scotland-based electricity provider backed annual guidance for an adjusted earnings per share of 120 pence, which would represent a 26% rise from the 95.4p achieved the prior year.
The firm noted that performance in its first quarter ‘slightly’ topped expectations.
SSE said in the quarter to June 30 it produced 24% more energy from renewables at 2,129 gigawatt hours from 1,722 GWh a year ago. Gas-fired generation output increased by 1.5% to 3,809 gigawatt hours from 3,751 a year ago.
‘Progress across the various capex projects also continues at pace, with first power from Seagreen offshore wind farm expected by the end of this month and construction on Viking onshore wind farm and Dogger Bank A, B & C offshore wind farms progressing well,’ it added.
Back in May, SSE began a sales process to dispose of a 25% minority stake in Scottish & Southern Energy Power Distribution Ltd, which trades as SSEN Transmission.
On Thursday, SSE said the process now is formally under way, and it targets agreeing a sale by the end of the calendar year.
SSE shares were 0.8% lower at 1,749.11 pence each in London on Thursday morning.
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