Interim earnings set to fall at SSE

(Sharecast News) - SSE said on Wednesday that it expected interim earnings to fall, after renewables output was hit by adverse weather. The FTSE 100 power generator and network operator said interim adjusted earnings would be at least 30p per share in the six months to 30 September, 28% lower than the same period a year earlier.

It attributed the decline to a weaker performance in renewables as well as seasonal variations.

Interim renewables output was around 19% below expectations, largely due to adverse weather conditions, while gas storage was set to record a half-year loss after markets stabilised.

The division, which benefits from price volatility, is forecast to return to profit in the full year, however, when gas is withdrawn.

As a result, SSE left its full-year guidance unchanged. Final adjusted earnings per share are expected to be more than 150p.

Gregor Alexander, finance director, said: "Our primary focus remains on the delivery of our five-year plan to 2027, whi8ch is the platform for up to £40bn of investment in net zero over the next decade.

"Our strong balance sheet and financial discipline continue to allow us to progress growth options within our diversified pipeline."

The Perth-based blue chip is due to publish interim results on 15 November.

As at 1030 BST, shares in SSE were up 1% at 1,537p.