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SSE expects its profits for the first half of the financial year to be stronger than the year before, but says it remains conservative about its expectations for full year results.
The big six energy supplier said that last year its first half profits made up just 25 per cent of the full year total, but for the current financial year its stronger H1 operating profits are likely to make up over a third of the operating total.
In a pre-close statement on Wednesday SSE said that high renewable output and relatively good performance in energy supply this year will lift operating profits above the first half of 2014/15, when wholesale earnings were “exceptionally low” and its supply business reported an operating loss.
But the supplier cautioned shareholders that a “relatively good performance” in the first six months “does not change its outlook for the financial year as a whole”.
“We are satisfied with the start we have made to the financial year, and are pleased to have made good progress in both the investment programme and the operational performance in each of the businesses,” said SSE finance director Gregor Alexander.
“The priority now is to make sure that the business performs well throughout the autumn and winter, focusing on meeting the needs of networks, retail and enterprise customers in particular, while achieving our key financial goals,” he added.
The supplier will publish its financial results for the six months to 30 September on Wednesday 11 November.
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