SSE Q3 Trading Statement
SSE plc completed the third quarter of its financial year on 31 December 2016. This trading statement:
- confirms that for 2016/17 SSE remains on target to achieve a return to growth and deliver adjusted earnings per share* of at least 120 pence;
- confirms that for 2016/17 SSE still expects to report an annual increase in the full-year dividend that at least keeps pace with RPI inflation, with annual increases that at least keep pace with RPI inflation also being targeted for the subsequent years; and
- provides an update on SSE’s operational performance and on progress with its capital investment programme for 2016/17, which is now expected to be around £1.75bn.
*As defined in SSE’s interim results statement on 9 November 2016
Alistair Phillips-Davies, Chief Executive of SSE, said:
"SSE is a business designed for the long-term. In a changing and challenging energy sector we continue to focus on operational efficiency, disciplined investment and maintaining a balanced range of energy businesses. Throughout this financial year, we have sought to continue to deliver the best possible service for our Networks and Retail customers.
“As we acknowledged in our interim results in November, the operating environment presents some challenges. The period since our interim results has featured volatile wholesale energy market conditions and, during November and December in particular, a period of relatively dry and still weather leading to low output of renewable energy. This did, however, allow good progress with our large construction projects. Political and regulatory scrutiny of the sector has also continued.
“Despite these issues, and several persistent uncertainties in aspects of the operating environment, SSE is well placed. Our fundamental strengths and opportunities for growth mean SSE is on target to meet its first financial objective of an increase in the full-year dividend, at least in line with RPI inflation.”
Read the full statement here.