SSE H1 Profit Up, Sees FY22 Adj.EPS At Least Inline Market View; Plans Net Zero Acceleration Program

Renewable electricity company SSE plc (SSE.L) reported Wednesday that its first-half profit before tax surged 116 percent to 1.69 billion pounds from last year's 779.4 million pounds.

Earnings per share were 103.6 pence, up 65 percent from 62.9 pence a year ago.

Adjusted profit before tax was 174.2 million pounds, compared to 133.9 million pounds a year ago. Adjusted earnings per share were 10.5 pence, compared to 7.3 pence in the prior year.

Operating profit more than doubled to 1.90 billion pounds from 939.9 million pounds a year ago. Adjusted operating profit grew 15 percent to 376.8 million pounds.

Revenue climbed to 3.54 billion pounds from last year's 2.82 billion pounds.

Further, an interim dividend of 25.5p per ordinary share, higher than last year's 24.4p, has been proposed and is due to be paid on March 10 to shareholders on the share register on January 14, 2022.

Looking ahead, SSE said it enjoyed a strong start to the second half of the year, and remains confident about delivery of solid financial performance for the full year 2022.

SSE currently expects to report full year adjusted earnings per share at a level which is at least in line with consensus of analysts' forecasts of 83 pence. SSE intends to provide further guidance later in the financial year.

The company also maintained five-year dividend plan to March 2023 and expects to recommend a full-year dividend of 81 pence plus RPI inflation in line with that plan.

Separately, SSE announced 'Net Zero Acceleration Programme' to accelerate clean growth. The plans include enhanced, fully funded 12.5 billion pounds strategic capital investment plan to 2026 alongside ambitious 2031 targets, aligned with net zero and 1.5 degrees.

The company said the Net Zero Acceleration Programme represents optimal pathway to consolidate its position as UK's clean energy champion, enabling delivery of over 25 percent of UK's 2030 40GW offshore wind target and over 20 percent of UK electricity networks investment.

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