|
Power utilities SSE PLC and National Grid PLC on Thursday both provided trading updates ahead of their interim results, which are scheduled for November. Perth, Scotland-based SSE said it expects to report adjusted earnings per share of more than 45 pence for the six months that ended on Monday. That would be up 22% from 37.0p a year before. SSE also said its expectations for the full-year ending March 31, 2025 remain unchanged. At the time of its annual results in May, SSE didn’t provide earnings guidance for the overall group, only by division. However, SSE said at the time that financial 2025 will see a 5% to 10% increase in its rebased dividend payment. SSE on Thursday said its renewables performance in the first half was ahead of a year before, as expected. It said it produced about 44% more electricity from renewable sources than a year before. SSE expects full-year adjusted operating profit from these assets of at least £200 million. For its part, National Grid didn’t provide a specific half-year earnings forecast. However, it said its performance was in line with its expectations. Underlying EPS will be weighted to the second half, as usual, the London-based electricity infrastructure operator said. Operating profit for the UK Electricity Transmission and UK Electricity Distribution business will be evenly split across the year, but operating profit for National Grid’s US regulated business are expected to be second-half weighted. In the UK, National Grid expects an additional £70 million operating profit contribution from the Electricity System Operator compared to prior guidance. In the US, the New York business will benefit from an environmental provision charge taken last year not being repeated. SSE will report its full interim results on November 13, while National Grid will report on November 7. Separately National Grid said Chief Executive John Pettigrew sold 220,000 shares at £10.39, worth £2.3 million on Tuesday. SSE shares were up 1.8% to 1,907.50 pence on Thursday morning in London. National Grid shares were down 0.5% at 1,023.50p. Copyright 2024 Alliance News Ltd. All Rights reserved.
|
