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Britain’s SSE sees weaker half-year profit on subdued renewables output

by Uma
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2023 10 04T062537Z 1 LYNXMPEJ93057 RTROPTP 4 SSE INNOGY

Britain’s SSE sees weaker half-year profit on subdued renewables output

(Reuters) -British power generator and network operator SSE Plc on Wednesday said it expects to report half-year adjusted earnings of at least 30 pence per share, without specifying an upper end to the outlook, hit by subdued performance in its renewables business.

For the same period last year, SSE posted an adjusted earnings per share on continuing operations of 41.8 pence, helped by record high energy prices and strong renewable power generation.

The company said the guidance took into account “renewables performance which remains below expectations, with output around 19% behind plan for the six months to 30 September, mainly due to adverse weather conditions.”

In May, the company set out plans to invest up to 40 billion pounds this decade on clean energy projects, as Britain ramps up its renewable power capacity with a target of net zero emissions by 2050.

SSE stood by its full-year adjusted profit forecast of more than 150 pence per share but warned that falling prices and stable market conditions would continue for the rest of the year.

With the key winter months coming up, SSE said it expects to provide an updated outlook for per-share profit later in the year.

Shares in the London-listed firm inched about 1% lower in Wednesday morning trade.

The company is due to report half-year results on Nov. 15.

(Reporting by Eva Mathews in Bengaluru; Editing by Nivedita Bhattacharjee and Bernadette Baum)