The SSE PLC (LON: SSE) share price traded sideways, alternating between losses and gains after the company released an update about its performance during the six months ended 30 September 2023. The report was mixed, which explains the mixed investor reaction.
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The company expects to generate adjusted earnings per share of at least 30 pence during the six months. The firm also expects its diversified and balanced business model to support the expected full-year adjusted earnings per share (EPS) of over 150p.
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SSE reassured investors it could still meet its full-year EPS target despite recording just 30p EPS in H1 2023. The company explained that the seasonal nature of its business meant that most of its revenues and profits were delivered in the second half of its fiscal year, including the crucial winter months.
The company also pointed out that the performance of its renewables segment in H1 was hampered by adverse weather conditions, which meant that the output from this segment was 19% behind target for the six months to 30 September.
SSE revealed that it had made progress in implementing its Net Zero Acceleration Programme (NZAP) Plus. Some of the latest highlights include the success of four sizeable onshore wind projects in the UK’s fifth Contract for Difference (CfD) allocation round. The company received 15-year contracts for 605MW with a guaranteed strike price.
The company is finalising the commissioning of Seagreen, Scotland’s largest wind farm and the world’s deepest fixed-bottom offshore wind farm. The firm is also expecting to generate the first power at Dogger Bank – the world’s largest offshore wind farm – soon, with work currently underway during the complex turbine installation stage of the project.
Gregor Alexander, SSE’s Finance Director, said: “Our primary focus remains on delivery of our five-year plan out to 2027, which is the platform for up to £40bn of investment in net zero over the next decade. We have reached key milestones in the construction of our flagship renewables projects while gearing up to accelerate the build-out of critical network infrastructure and offering much-needed flexibility to the system. Our strong balance sheet and financial discipline continue to allow us to progress growth options within our diversified pipeline selectively.”
SSE share price.
The SSE share price was trading sideways, alternating between gains and losses.
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