SSE posts dip in profits but lifts dividend

first_img ELECTRICITY firm Scottish & Southern Energy yesterday posted forecast-busting first-half profits and pledged to stick to plans to raise its dividend, boosting its shares.SSE blamed high wholesale gas prices and low renewable energy output for a 6.1 per cent fall in adjusted first-half pre-tax profit to £386m, beating market forecasts of £361m.The group’s shares rose 3.8 per cent to 1,160p as it raised its half-year dividend 6.7 per cent to 22.4p and said it was on track for a two per cent real rise in 2010/11 to at least 74.5p per share.SSE, which has 9.9m customers, will lift household gas prices by 9.4 per cent from 1 December due to “continuing losses” at its gas supply business, Southern Electric Gas,The group has put off plans to build more gas storage due to regulatory uncertainty and lower profits, but hopes to open its first nuclear plant around 2023, it said.Chairman Robert Smith said lower renewable energy production and higher gas costs had made the last six months tough, but the group’s underlying performance was good.“SSE’s key financial objective is dividend growth, and we are on course to meet our target,” he said.Bank of America Merrill Lynch said the results were slightly above expectations and underpinned medium-term growth prospects.SSE was expected to report profit of £1.27bn for the year to March 2011, against £1.29bn in 2009/10.SSE and consortium partners GDF Suez and Iberdrola, expect to decide whether to build a nuclear plant around 2015. It has put off a decision on the Aldbrough II gas storage site on the east coast, a joint venture with Norway’s Statoil, due to uncertainty about usage rules and increasing liquefied natural gas import capacity in Britain. SSE posts dip in profits but lifts dividend Share Tags: NULL whatsapp KCS-content Wednesday 10 November 2010 7:28 pmcenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorythedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterGloriousaCouple Wins Lottery, 5 Years Later, Their House Had To Be DemolishedGloriousa Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Show Comments ▼ last_img

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