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.