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SSE Plc FY20 Profit Down; Declares Dividend - Quick Facts

SSE Plc. (SSE.L) reported Wednesday that its fiscal 2020 profit before tax fell 55 percent to 587.6 million pounds from last year's 1.30 billion pounds. Earnings per share from continuing operations went down 67 percent to 40.6 pence from 123.7 pence a year ago.

Adjusted profit before tax was 1.02 billion pounds, compared to 685.1 million pounds last year. Adjusted earnings per share were 83.6 pence, compared to 61.8 pence last year.

Adjusted operating profit grew 37 percent from last year to 1.49 billion pounds, despite negative coronavirus impact of 18.2 million pounds related to electricity demand.

Further, the company announced final dividend of 56 pence per share recommended for payment on September 18. This makes a full year dividend of 80p per share in line with five-year 2018/19 to 2022/23 dividend plan.

For fiscal 2021, the company said it is continuing to target delivery of the five-year dividend plan.

Looking ahead for fiscal 2021 and beyond, SSE expects coronavirus impacts on operating profit between 150 million pounds and 250 million pounds before mitigation.

The company said it will provide guidance on adjusted earnings per share later in financial year.

Further, the company announced plan to invest capital and investment of around 7.5 billion pounds net in five years to 2024/25, focused on core strategic decarbonisation projects.

SSE's new target is to cut carbon intensity of electricity generation by 60 percent by 2030.

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