SSE Raises Medium-Term Guidance; Says Profits Will Grow Again This Year
May 25 2022 - 2:58AM
Dow Jones News
By Jaime Llinares Taboada
SSE PLC on Wednesday raised earnings growth guidance for the
five years to March 2026, reported higher profits for fiscal 2022
and said that they will rise again this year.
The U.K. energy group now expects to deliver an adjusted
earnings per share compound annual growth rate of between 7% and
10% in that five-year period, up from previous forecasts of 5%-7%.
SSE said that this is based on its strong performance in fiscal
2022, higher inflation forecasts, higher and volatile energy
commodity prices and increased value creation potential for its
thermal, hydro and gas storage assets.
The FTSE 100 company reported a pretax profit of 3.48 billion
pounds ($4.36 billion) in the year ended March 31, up from GBP2.42
billion a year earlier.
Adjusted EPS rose 22% to 95.4 pence, within the company's
guidance range of between 92 pence and 97 pence.
The group declared a final dividend of 60.2 pence a share,
bringing the full-year payment to 85.7 pence--up from 81.0 pence in
fiscal 2021. The company's dividend is linked to inflation but will
be cut in fiscal 2024.
SSE said that it expects adjusted EPS of at least 120 pence for
fiscal 2023, and that it has started a sales process for a 25%
share of its SSEN Transmission business which is expected to
formally start in the summer.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
May 25, 2022 02:43 ET (06:43 GMT)
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