SSE records 4% drop in operating profit

SSE records 4% drop in operating profit

Energy giant SSE has posted an adjusted operating profit of £2.4 billion, down 4% from the previous year, in its annual results for the 2023/24 fiscal year.

The company reported adjusted earnings per share of 158.5p, a 5% decrease yet still within the upper range of guidance.

The firm mainly attributed its drop in operating profit to the performance of its thermal and gas storage business, reflecting lower volatility and energy prices. This was partially offset by higher renewables volumes as the business benefited from capacity additions including Seagreen offshore wind farm reaching full operations.

SSE chief executive Alistair Phillips-Davies said: “This is a strong performance where we have delivered essential energy infrastructure, benefited from the resilience of our business model, and made disciplined investment in our excellent growth opportunities.

“Renewables, flexible power and electricity networks are the building blocks of a cleaner and more secure energy system. With world-class assets and capabilities, and enhanced visibility of growth in transmission, SSE is ideally placed to benefit from this structural trend, creating value for shareholders and society.

“Our immediate focus is on delivering our financial and operational growth targets out to 2026/27 and we are on track to do this, converting our premium organic project pipeline into high-quality sustainable earnings.

“More broadly we continue to see a path to investing c.£40bn this decade assuming a supportive policy environment, helping speed up the clean energy transition and creating and supporting thousands more good jobs in the process.”

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