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Trading statements

SSE sees FY adjusted EPS beating targeted 120p

30 March 2017 07:22

SSE said for the FY 2016-17 it expected to deliver adjusted earnings per share (EPS) of 122p-125p, versus a target of at least 120p, after a 12-month period that provided a number of complex issues to manage.

It moreover anticipated lifting its FY by an amount at least equal to retail-price index inflation, currently thought to be slightly more than 2%.

SSE said dividend cover would be towards the top of the range of around 1.2-times to about 1.4-times that SSE.

The utility outfit further said it expected to report all three of its segments -- Wholesale, Networks and Retail -- had been profitable during 2016-17.

Finance director Gregor Alexander said the operating environment has presented SSE with a number of complex issues to manage.

"In this financial year we have been able to offset the impact of disappointing renewable energy output caused by drier and less windy weather conditions, and we are on course to deliver adjusted earnings per share of between 122 pence and 125 pence," said Alexander.

"We are also on course to deliver a full-year dividend increase that at least keeps pace with RPI inflation."

Looking ahead, Alexander said SSE could expect additional challenges in the new financial year, but that it was committed to delivering annual dividend growth that at least kept pace with inflation.

It was further committed to ensuring dividend cover remained within the expected range, albeit towards the bottom of it. "SSE is a resilient business and we will continue to focus on securing maximum value from our portfolio of Wholesale assets, achieving further efficiencies and customer service improvements in our Networks businesses, responding positively to competition in our Retail markets and creating long-term value through investment of around £1.7bn in 2017-18."

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