SSE ups earnings guidance after weather gain
By Sean Farrell
Date: Tuesday 29 Mar 2022
(Sharecast News) - SSE increased its earnings guidance after changes to the weather improved output from renewable energy sources.
The energy supplier said adjusted earnings per share would be between 92p and 97p for the year to the end of March. It had previously said earnings would be at least 90p a share.
SSE said it still intended to pay an annual dividend of 81p per share plus retail price inflation and was targeting an RPI-linked dividend in 2022-23 followed by a rebase to 60p followed by 5% increases for two years.
"Since SSE's Q3 trading statement, weather conditions have meant that the shortfall in output from renewable sources has decreased from 19% below plan for the nine months to 31 December 2021, to around 12% below plan as at 22 March," SSE said. "At the same time, the good performance from flexible thermal and hydro plant has continued in volatile market conditions, demonstrating its value to the energy system."
SSE shares rose 1.3% to £17.14 at 08:08 GMT.
After receiving £1.3bn in cash for its stake in Scotia Gas Networks, adjusted net debt will be less than £9bn at the end of March, SSE said.
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