SSE Swung to Fiscal Year 2023 Pretax Loss on Higher Costs; Retains Ownership of SSEN Distribution
May 24 2023 - 3:04AM
Dow Jones News
By Anthony O. Goriainoff
SSE said Wednesday that it swung to a pretax loss for fiscal
2023 after booking higher costs, and that retaining 100% ownership
of the SSEN distribution business was the right strategy at this
time.
The FTSE 100 company reported a pretax loss for the year ended
March 31 of 205.6 million pounds ($255.3 million) compared with a
pretax profit of GBP3.48 billion for fiscal 2022.
Adjusted pretax profit--a metric which strips out exceptional
and other one-off items--was GBP2.18 billion compared with GBP1.16
billion.
Revenue rose to GBP12.49 billion from GBP8.7 billion. Nine
analysts polled by FactSet had a revenue consensus of GBP10.59
billion.
Adjusted EPS rose to 166.0 pence a share from 95.4 pence. The
company had guided for an adjusted EPS of at least 160 pence for
fiscal 2023.
The group declared a final dividend of 67.7 pence a share,
taking the full-year dividend to 96.7 pence a share. The company
has guided for a full-year dividend of 85.7 pence a share.
The U.K. energy group said that adjusted EPS for fiscal 2024
will be over 150 pence a share, and that capital expenditure and
investment for the year will be over GBP2.8 billion.
"We have both the financial footing and capabilities to go after
high quality growth opportunities that will create value for years
to come," the company said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
May 24, 2023 02:49 ET (06:49 GMT)
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