SSE Adjusted Pretax Profit Rises 2.1% on Year
May 17 2017 - 3:42AM
Dow Jones News
By Neanda Salvaterra
LONDON--Utility company SSE PLC (SSE.LN) on Wednesday reported a
2.1% increase in adjusted pretax profit for fiscal year 2017. The
firm plans to invest about 6 billion pounds ($7.74 billion) by 2020
into renewable energy projects and maintaining and upgrading its
electricity network.
In March 2017, the U.K.-based company finalized the sale of its
equity holdings in the PFI street lighting and replacement program.
The sale, previously announced in March 2014, fetched over GBP1.1
billion said SSE, which is engaged in the generation, transmission,
distribution and supply of electricity.
For the year ended March 31, the company made a pretax profit of
GBP1.7 billion compared with GBP593.3 million for the previous
year, on revenue of GBP29.03 billion and GBP28.7 billion
respectively. The jump in pretax profit was due to a reduction in
non-recurring exceptional items as the firm completed technology
development projects last year which freed capital.
"SSE will continue to focus on securing maximum value from our
portfolio of wholesale assets, achieving further efficiencies and
customer service improvements in our networks businesses," said
Chief Executive Alistair Phillips-Davies.
SSE booked non-recurring exceptional items of GBP8.2 million for
the period ended March 31, compared with GBP889.8 million a year
earlier.
Stripping out exceptional items such as interest costs on net
pension liabilities and the removal of taxation on profit from
joint ventures and associates, underlying pretax profit rose by
2.1% to GBP1.54 billion.
The board recommended a final dividend of 63.9 pence a share,
making a total payout for the year of 91.3 pence a share, up from
89.4 pence a share.
Write to Neanda Salvaterra at neanda.salvaterra@wsj.com
(END) Dow Jones Newswires
May 17, 2017 03:27 ET (07:27 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Sse (LSE:SSE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sse (LSE:SSE)
Historical Stock Chart
From Apr 2023 to Apr 2024