SSEZY SSE PLC (PK)

By Joe Hoppe

SSE PLC said Tuesday that it expects higher adjusted earnings per share for the first half of the fiscal year, and backed its full-year guidance.

The Scotland-based energy company expects to report adjusted earnings per share of at least 40 pence (42.75 U.S. cents) for the six months ending Sept. 30, significantly up from 10.5 pence a year earlier.

The company reiterated its full-year guidance, last backed in July, with adjusted earnings per share expected to come in at least 120 pence for the year ending March 31, 2023. However, it noted a backdrop of uncertainty associated with highly changeable operating conditions, and said it will update guidance later in the year as winter progresses.

Renewable energy power output was 13% below plan in the period to Sept. 22, mainly due to inclement weather, though it saw a good performance from gas storage and flexible thermal.

"Our balanced business mix has ensured a strong performance to date, however in such highly volatile market conditions, financial performance for the full year will be significantly influenced by plant availability, weather and commodity price movements," Finance Director Gregor Alexander said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

September 27, 2022 02:33 ET (06:33 GMT)

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