SSE keeps annual guidance unchanged as renewables business grows

SSE PLC on Thursday said it remains on track to meet its annual earnings guidance as it hailed continued "strong delivery" in its network.

The Perth, Scotland-based electricity generator said output from its renewables business rose 20% in the half-year ended in September compared with a year earlier. The increase was driven by "more favourable weather conditions" and capacity growth, SSE said.

The company noted progress was in line with expectations at the Dogger Bank wind farm, which is being developed offshore the North East English coast, and that turbine installation on Dogger Bank B was beyond the half-way point.

For the half year, SSE said it sees adjusted earnings per share of between 64 pence and 68 pence. This outcome reflects a "lower level of seasonality compared to prior years given an increasing proportion of earnings being generated from regulated networks," the company said.

SSE reiterated full-year expectations for its businesses, which it said remain subject to weather and market conditions and plant availability. As previously announced in July, SSE said it remained on track to deliver adjusted earnings per share of between 168 pence and 193 pence, and between 225 pence and 250 pence for financial 2030.

"Capital investment for the group is expected to be around £2.5 billion for the half-year, with adjusted net debt and hybrid capital expected to be around £11.5 billion," it added.

SSE said it will release half-year earnings on November 18.

Shares in SSE fell 1.9% to 2,445.00 pence on Thursday morning in London. Over the last year, its shares have risen 39%.

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