Q1 Trading Statement 2018/19
SSE plc’s Annual General Meeting takes place today (19 July) in Perth, followed by a General Meeting in respect of the proposed demerger of SSE Energy Services and combination of that business with npower Group Limited. This trading statement:
- Provides an overview of the performance of SSE's businesses in the first quarter of this financial year, including the financial impact of weather and energy market conditions.
- Updates on the progress of SSE's plans for investment and capital expenditure of around £6bn across the five years to March 2023.
- Re-states SSE’s intention to recommend a full-year dividend of 97.5 pence per share for 2018/19, as part of the five-year dividend plan set out in May 2018.
It also confirms that the above-mentioned SSE Energy Services transaction is on course – subject to shareholder and regulatory approvals – for completion by the end of the current financial year.
SSE Chief Executive Alistair Phillips-Davies said:
"This new financial year has so far been characterised by lower than expected output of renewable energy and persistently high gas prices, but looking ahead, we are very focused on fulfilling our obligations to energy customers and delivering on our key priorities.
"Those priorities include successful delivery of our plans to invest around £1.7bn in this financial year, and we are pleased with the progress of key projects, including the installation of the first two turbines at the Beatrice offshore wind farm.
“Investment of this kind supports our strategic goal of creating value in a sustainable way, including remunerating shareholders for their investment, and we are strongly committed to delivering the five- year dividend plan we set out in May.”
The Trading Statement can be read in full here.