SSE
plc
notification of closed period
3 October
2024
Ahead of the publication on 13
November 2024 of results for the six months to 30 September 2024,
SSE plc is today updating the market on its performance and
outlook, including:
· Expecting to report half-year
adjusted earnings per share of more than 45
pence.
· First half renewables
performance higher than the previous year but in line with
expectations.
· Previously stated Group
expectations for full-year performance remain unchanged, as
progress continues on delivering SSE's NZAP Plus investment
programme.
HALF-YEAR TRADING UPDATE
SSE expects to report interim
adjusted earnings per share of more than 45 pence, reflecting the
seasonal nature of operations that delivers the majority of annual
earnings in the second half.
Renewables performance for the first
half is higher than previous years but in line with expectations,
reflecting weather conditions across the first six months of the
financial year. This, combined with year-on-year capacity
increases, has delivered output of around 5.3TWh at 30 September
2024, around 44% higher when compared to the same period last
year.
Despite the stable market
environment limiting earnings from flexible thermal and gas storage
during the first half, SSE continues to expect full year adjusted
operating profits from these assets of at least £200m in the
current market conditions.
Progress has continued on delivering
the Group's NZAP Plus investment programme during the period, with
completion reached on Viking onshore wind farm, the Shetland HVDC
link and Slough Multifuel power station. Whilst completion of
Dogger Bank A offshore wind farm is now expected in the second half
of calendar year 2025, project returns are not expected to be
materially impacted. Finally, the Group successfully secured
government contracts for around 190MW of renewables capacity during
the period.
During the period, SSEN Transmission
successfully issued a €850m eight-year Green Bond in August 2024 at
a fixed all-in funding cost of 4.95%. At 30 September 2024,
adjusted net debt is expected to be around £10bn.
The half-year results presentation
and Q&A session will be conducted virtually on 13 November
2024.
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Enquiries
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Investors
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SSE Investor Relations
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ir@sse.com
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Michael Livingston
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+44 (0)345 0760 530
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Media
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SSE Media
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media@sse.com
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Glenn Barber,
Raymond Buchanan
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+44 (0)345 0760 530
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MHP
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Oliver Hughes
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+44 (0)7885 224 532
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James McFarlane
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+44 (0)7854 142 665
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