SSE Plc - Notification of Closed Period
NOTIFICATION OF CLOSED PERIOD
SSE plc is due to publish its financial results for the six months to
Strategic progress in H1
SSE continues to perform well operationally and has continued to make strategic progress during the six months to 30 September, including:
· progressing its
· continuing to develop the world's largest offshore wind farm at Dogger Bank, with the process to sell an equity stake under way and confirmation of a contract with GE to supply the ground breaking 13MW Haliade-X turbines for the development, as the project progresses towards financial close;
· selling its financial interests in the Walney offshore wind farm for
· successfully raising hybrid capital securities and conventional euro bonds totalling over
These strategic developments leave SSE well placed to deliver on its strong low-carbon investment pipeline and to capitalise on the significant opportunities associated with the transition to net zero - ultimately helping to sustain dividend payments and promoting the long-term success of the company.
As set out in its Preliminary Results, SSE continues to expect the adverse effects of coronavirus on its 2020/21 operating profit to be in the range of
In its Q1 Trading Statement, SSE stated that output from renewable sources was 364GWh, or 15%, below plan for the quarter to
Correspondingly, SSE expects to report adjusted earnings per share in the range 10p to 12.5p for the first half of the year.
SSE's focus is always on financial performance for the full-year and performance in the year to date remains broadly in line with the Board's expectations. With ongoing uncertainties about the shape of economic recovery and the effects of coronavirus, SSE will provide guidance on full-year adjusted earnings per share later in the year.
SSE continues to expect to recommend a full-year dividend of
"In the face of the coronavirus, which will impact financial results for the half-year, we are continuing to perform well operationally due to the hard work of our teams. At the same time, the underlying strength of our business model and our strategic focus on the transition to a net-zero economy stand us in good stead for the future.
"We are making good progress on both our disposals programme and our significant low-carbon investment opportunities. Seagreen, Dogger Bank and our Shetland investments will create significant value for SSE as well as wider society.
"Unlocking investment in networks infrastructure is particularly important to that green recovery and we are engaging constructively with Ofgem in order to reach a final determination that meets the needs of customers, investors and wider stakeholders"
Investors and Analysts [email protected] +44(0)345 0760 530
Media [email protected] +44(0)345 0760 530
Note: As set out on page 180 of SSE's Annual Report 2020, SSE's policy on gains or losses on disposal or divestment of international or offshore wind farm projects SSE has developed is to treat those gains or losses as part of its adjusted metrics and hence these will be considered non-exceptional. This is in line with SSE's expressed strategy to generate recurring gains from its development of such projects. SSE did not develop Walney wind farm and therefore the
Quick facts: SSE PLC
Market Cap: -
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE