SSE plc has published details of its 2023/24 interim results and announced a £2.5bn increase to its existing five-year investment programme, expecting £20.5bn of investment to 2027 compared to £18bn previously.
The Group, which is a leading developer and operator of electricity infrastructure from wind farms to networks and flexible power generation, reports:
- Adjusted operating profit decreased by 3% to £693.2m;
- Adjusted profit before tax increased by 1% to £565.2m;
- Adjusted earnings per share was 37.0p, down 11% and reflecting the seasonal nature of SSE’s operations that deliver the majority of annual earnings in the second half;
- Upgrading its fully funded five-year investment programme to 2027 to £20.5bn; and
- Reiteration of the Group’s full-year adjusted EPS guidance of more than 150p.
The first half saw a strong performance from the Thermal business as it benefited from the addition of Keadby 2 and Triton power stations alongside improved availability of its other assets.
Commenting on the interim results SSE Chief Executive Alistair Phillips-Davies said:
“Our first half performance reflects both the financial strength of our business and our ability to deliver world-class projects that are at the heart of the clean energy transition.
“There remains strong underlying political consensus on the big drivers of energy security and decarbonisation – accelerating renewables, network investment and flexible power generation – and these are the growth engines powering SSE.
“That we are investing more than £20bn over the five years to 2027 and could invest more than £40bn over the decade to 2032, speaks to the range and quality of opportunities we have, underpinned by an energy transition that is gathering pace, and our continued commitment to creating value for society and shareholders in a disciplined way.”