REG - SSE Plc - Notification of Closed Period

SSEAnnouncement

03/10/2024 07:00

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RNS Number : 7314G  SSE PLC  03 October 2024

SSE plc

notification of closed period

3 October 2024

Ahead of the publication on 13 November 2024 of results for the six months to
30 September 2024, SSE plc is today updating the market on its performance and
outlook, including:

·      Expecting to report half-year adjusted earnings per share of more
than 45 pence.

 

·      First half renewables performance higher than the previous year
but in line with expectations.

 

·      Previously stated Group expectations for full-year performance
remain unchanged, as progress continues on delivering SSE's NZAP Plus
investment programme.

HALF-YEAR TRADING UPDATE

SSE expects to report interim adjusted earnings per share of more than 45
pence, reflecting the seasonal nature of operations that delivers the majority
of annual earnings in the second half.

Renewables performance for the first half is higher than previous years but in
line with expectations, reflecting weather conditions across the first six
months of the financial year. This, combined with year-on-year capacity
increases, has delivered output of around 5.3TWh at 30 September 2024, around
44% higher when compared to the same period last year.

Despite the stable market environment limiting earnings from flexible thermal
and gas storage during the first half, SSE continues to expect full year
adjusted operating profits from these assets of at least £200m in the current
market conditions.

Progress has continued on delivering the Group's NZAP Plus investment
programme during the period, with completion reached on Viking onshore wind
farm, the Shetland HVDC link and Slough Multifuel power station. Whilst
completion of Dogger Bank A offshore wind farm is now expected in the second
half of calendar year 2025, project returns are not expected to be materially
impacted. Finally, the Group successfully secured government contracts for
around 190MW of renewables capacity during the period.

During the period, SSEN Transmission successfully issued a €850m eight-year
Green Bond in August 2024 at a fixed all-in funding cost of 4.95%. At 30
September 2024, adjusted net debt is expected to be around £10bn.

The half-year results presentation and Q&A session will be conducted
virtually on 13 November 2024.

 

 Enquiries
 Investors  SSE Investor Relations  ir@sse.com (mailto:ir@sse.com)        Michael Livingston  +44 (0)345 0760 530

 Media      SSE Media               media@sse.com (mailto:media@sse.com)  Glenn Barber,       +44 (0)345 0760 530

                                                                          Raymond Buchanan

            MHP                                                           Oliver Hughes       +44 (0)7885 224 532
                                                                          James McFarlane     +44 (0)7854 142 665

 

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