SSE issued a short trading update ahead of its half-year results in November, where it expects to report underlying earnings per share (EPS) of at least 45p, compared to 37p at the same point last year. Profitability is set to be weighted to the second half, reflecting the seasonal nature of the business.
Renewables output was up 44% compared to last year at 5.3TWh, in line with management expectations. The uplift was helped by increased capacity and an easy comparative period as last year’s performance was held back by unfavourable weather conditions.
The stable energy market has limited the earning potential of its flexible thermal and gas storage assets in the first half. Despite this, they’re still expected to deliver at least £200mn of underlying operating profits across the full year.
The shares rose 1.7% following the announcement.
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