SSE Share Price Moves Higher After Narrower-Than-Expected Loss

Shares of SSE PLC (LON: SSE) are up over 3% today after the company reported better-than-expected half-year results.

Underlying profits dropped by 26% to 194 million pounds while operating profit fell 15% to 418 million. This is a direct result of coronavirus-related costs which now amount to 115 million pounds.

Earnings per share, on an adjusted basis, came in at 11.9p, which is 34% lower compared to a year ago.

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As for the forward-looking guidance, SSE now expects to earn between 75p and 85p per share for full-year to end-March 2021. Debt is projected to be at £9.5 billion at the end of March 2021.

“Our disposals programme is on track, real progress is being made against the capex plan and we have the balance sheet strength to deliver what is an enviable low-carbon development pipeline,“ Chairman Richard Gillingwater said in a statement.

SSE share price gained more than 3% to trade near the resistance line at 1395p.

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