SSE Airtricity owner ups profit outlook on strong market conditions

British power firm SSE Plc, which owns SSE Airtricity in the Republic, on Friday raised its annual earnings forecast helped by strong market conditions, and said it would invest any additional profit it makes into low-carbon electricity infrastructure.

The company said it now expects adjusted earnings per share of more than 150 pence for fiscal year 2023 ending March 31st, up from the previous outlook of at least 120 pence.

The group’s finance director Gregor Alexander said in a trading statement that its £12.5 billion pound (€14.25 billion) net-zero acceleration programme was progressing “at pace”.

SSE also said it intends to recommend a full-year dividend of 85.7 pence per share plus retail price index for 2023 fiscal, adding that the payout was expected to increase by at least 5 per cent annually in 2025 and 2026 financial years.

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In November, National Grid and British Gas-owner Centrica too had raised their annual earnings expectations as power companies benefit from persistently high energy prices caused by the Russia-Ukraine conflict. – Reuters