Strong results in renewables, thermal, and transmission divisions drive positive performance

  • SSE PLC swings to pretax profit in 1H of fiscal 2024
  • Boosted by strong results in renewables, thermal, and transmission divisions
  • Pretax profit of £573.3 million, compared to a loss of £511.0 million in the same period last year
  • Operating profit increases in renewables and thermal segments drive positive swing
  • Group operating profit now £602.3 million, compared to a loss of £635.1 million
  • Revenue falls to £4.79 billion from £5.63 billion
  • Interim dividend declared at 20 pence, up from 29 pence last year
  • Adjusted earnings per share at 37.0 pence, down from 41.8 pence
  • SSE PLC reaffirms full-year adjusted earnings per share target of over 150 pence

SSE PLC, the U.K. energy infrastructure provider, reported a significant swing to a pretax profit in the first half of fiscal 2024. The company’s strong performance in the renewables, thermal, and transmission divisions contributed to this positive outcome. The pretax profit for the half year ending September 30 was £573.3 million, compared to a loss of £511.0 million in the same period last year. The renewables and thermal segments experienced steep increases in operating profit, while the larger transmission unit also saw a rise in operating profit. This resulted in a swing to a group operating profit of £602.3 million, compared to a loss of £635.1 million. However, the company’s revenue decreased from £5.63 billion to £4.79 billion. SSE PLC also declared an interim dividend of 20 pence, up from 29 pence in the previous year. The adjusted earnings per share for the period was 37.0 pence, down from 41.8 pence. Despite these figures, SSE PLC reaffirmed its full-year adjusted earnings per share target of over 150 pence.

Factuality Level: 8
Factuality Justification: The article provides specific financial figures and statements from SSE regarding their pretax profit, operating profit, revenue, dividend, and adjusted earnings per share. These figures are verifiable and provide objective information about the company’s financial performance. However, the article does not provide any analysis or context to support the claims made by SSE, so there is a possibility of bias or incomplete information.
Noise Level: 7
Noise Justification: The article provides information on SSE’s financial performance in the first half of fiscal 2024, including a swing to a pretax profit and the factors driving this change. It also mentions the declaration of an interim dividend and the reaffirmation of the company’s full-year earnings per share target. However, the article lacks in-depth analysis, scientific rigor, and actionable insights. It mainly focuses on financial figures without providing a broader context or exploring the consequences of SSE’s performance on stakeholders or the energy sector as a whole.
Financial Relevance: Yes
Financial Markets Impacted: The financial markets impacted by this news article are the energy sector and the FTSE 100-listed utility companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The news article does not mention any extreme events or events that would have a significant impact on financial markets or companies. It primarily focuses on the financial performance and outlook of SSE, an energy infrastructure provider.
Public Companies: SSE PLC (SSE)
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