SSE reports strong set of adjusted full-year figures

(Sharecast News) - SSE reported a strong set of adjusted figures in its preliminary results on Wednesday, with adjusted operating profit soaring 65% to £2.53bn. The FTSE 100 company said adjusted profit before tax for the 12 months ended 31 March rocketed 89% to £2.18b, and adjusted earnings per share rose 75% to 166p.

However, on a reported basis SSE recorded an operating loss of £146.3m, swinging from a profit of £3.75bn in the prior year.

The reported loss before tax stood at £205.6m, in contrast to a profit of £3.48bn for 2022, and reported losses per share came in at 14.7p, a decline from the previous year's earnings of 241.2p.

Looking ahead, SSE said it anticipated adjusted earnings per share of more than 150p for the 2024 financial year.

The company said it was also planning to exceed its previous record investment by allocating more than £2.8bn in capital expenditure and projects during the same period.

"Through delivery of our societally-aligned strategy we are accelerating the build-out of renewables, reinforcing the networks needed to decarbonise, providing much-needed flexible generation, and working hard to ensure no-one is left behind in the transition to net zero," said chief executive officer Alistair Phillips-Davies.

"The results that we have reported today are profits with a purpose.

"We are creating value for all of our stakeholders and our investments exceed our earnings."

At 0949 BST, shares in SSE were up 0.78% at 1,884p.

Reporting by Josh White for Sharecast.com.