SSE profit up 59% to £1.4bn thanks to asset sales

Perth-based energy giant SSE said on Wednesday its reported profit before tax for the year to March 31, 2019, rose 59% to 1.37 billion, boosted by asset sales amid £1 billion of exceptional gains.

However, SSE’s adjusted profit before tax fell 38% to £725.7 million and adjusted earnings per share fell 32% to 67.1p.

SSE shares have fallen about 28% in the past year, with the firm’s stock market value falling to around £10 billion.

SSE chair Richard Gillingwater said: “While our financial results clearly fell well short of what we hoped to achieve at the start of the year, we’ve made significant progress towards our ambition to be a leading energy company in a low-carbon world.  

“We have continued to develop our core businesses of regulated energy networks and renewables; demonstrated our ability to create and unlock value from developing and operating, as well as owning, assets; and adopted clear long-term goals as we set up the business for long-term success.

“The fundamental strengths of our business and the strategic opportunities afforded by the transition to a low-carbon economy will support the delivery of our five-year dividend plan and creation of value for society as a whole.”

SSE said it made total GDP contribution to UK economy of £8.9 billion and to the Irish economy of €689 million as a result of direct and supply chain activities that support an estimated 105,000 jobs across both countries.

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.