SSE Plc (SSE.L) Wednesday reported a higher profit for its fiscal 2013, reflecting a decline in exceptional items and certain re-measurements. Revenues fell amid difficult energy market conditions. The UK-based utility firm said its first financial objective of its strategy is to deliver sustained real growth in dividend.
For the fiscal year ended March 31, 2013, the company posted profit before tax of 600.9 million pounds, higher than 268.5 million pounds in the previous year.
Excluding exceptional items and certain re-measurements, pre-tax profit was 1.36 billion pounds, compared to 1.29 billion pounds reported last year. Adjusted profit before tax was 1.41 billion pounds, while it was 1.34 billion pounds a year ago.
Exceptional items and re-measurements after tax for the fiscal year dropped to 557 million pounds from 702.7 million pounds last year. Pre-tax exceptional items totaling 584.7 million pounds in the current year predominantly related to continuation of challenging market conditions affecting SSE's Wholesale businesses, the company noted.
On a per share basis, earnings climbed to 44.6 pence from 21.1 pence per share in the prior year. Adjusted earnings for the current year totaled 118.0 pence, while it was 112.7 pence per share in fiscal 2012.
Annual revenues declined to 28.30 billion pounds from 31.72 billion pounds in the preceding year.
Chairman Lord Smith of Kelvin stated, "In consecutive weeks in the early spring of 2013, SSE confronted two of the biggest issues it has had to face since it was formed in 1998. The last week of March saw extreme snow falls and ice in the west of Scotland which inflicted unprecedented damage on the electricity network on Arran and Kintyre..."
The company said it had to deploy more than 500 engineers and other employees to help restore electricity supplies to households, businesses and other premises.
Further, SSE stated that in April, the Gas and Electricity Markets Authority proposed a 10.5 million pounds as penalty on the firm for breaches of licence conditions. The penalty was related to sales of electricity and gas, mainly between 2009 and 2011.
The board has recommended a final dividend of 59.0 pence per share, to which a Scrip alternative is offered. This will make a full-year dividend of 84.2 pence per share, an increase of 5.1 percent compared to last year. SSE.L is currently trading at 1,655 pence, down 21 pence or 1.25 percent.
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