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SSE PLC on Wednesday said it swung to a pretax loss in the six months that ended September 30, as the Perth, Scotland-based electricity provider saw its cost of sales soar.
The power utility posted a pretax loss of £511.0 million, versus a profit of £1.69 billion a year prior. This came as costs rocketed to £6.13 billion from £1.19 billion the previous year.
However, operating profit of Thermal & Gas Storage rose 85% to £887.5 million from £479.5 million. For Renewables, operating loss narrowed to £29.3 million from £33.6 million.
SSE business classified as 'other' turned to an operating interim loss of £1.88 billion from a profit of £1.12 billion a year prior.
The company board recommended an interim dividend of 29.0p per share, in line with its policy and up from 25.5p last year.
Meanwhile, SSE noted the negative impact of fair value remeasurements totalling £1.5 billion, principally arising on forward commodity contracts.
More positively, SSE posted revenue of £5.63 billion, up 59% from £3.54 billion.
Looking ahead, the company said it expects adjusted earnings per share for the full-year of at least 120 pence, up from 95.4p in financial 2022.
SEE said it remains on course to make record capital expenditure in excess of £2.5 billion. For financial 2022, the company made adjusted investment and capital expenditure of £2.07 billion.
SSE shares were 1.3% lower at 1,622.50 pence each in London on Wednesday morning.
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