Wednesday 15 November 2023

SSE boosts investment to £20.5bn amid strong interim results

SSE boosts investment to £20.5bn amid strong interim results

SSE has revealed its 2023/24 interim results, accompanied by a substantial increase in its existing five-year investment programme.

The company now foresees a total investment of £20.5 billion by 2027, marking a £2.5 billion upswing from the previous projection of £18 billion.

The financial outlook for the first half of the fiscal year indicates a 3% decrease in adjusted operating profit, amounting to £693.2 million.

However, the adjusted profit before tax exhibits a 1% uptick, reaching £565.2 million.

Despite an 11% decline in adjusted earnings per share (37.0p), SSE attributes this fluctuation to the seasonal nature of its operations, concentrating the majority of earnings in the latter half of the year.

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 £20 billion over the five years to 2027 and could invest more than £40 billion 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."

Written by

Sumit Bose

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