SSE Shares Have Risen on FY ’23 Results, Net Zero Investments

The SSE PLC (LON: SSE) share price has risen 13% since the year began, and investors have more reasons to smile after the company released its financial results for the full year ending 31 March 2023. The Australian energy company had raised its earnings forecasts twice before today’s earnings results.

The high energy prices have helped lift the company’s profits, with the firm reporting adjusted earnings per share of 166.0p, in line with its previous guidance. The company attributed its impressive performance to a balanced, integrated business model, which remained resilient despite the significant market volatility. 

The company spent a record £2.8 billion in capital expenditures and investment, more than its profits as it accelerated its net zero programmes. The company is investing in renewables as part of its Net Zero Acceleration Programme (NZAP), with plans to invest a whopping £24 billion in the UK’s energy infrastructure by 2030. 

Some projects the company is implementing include low-carbon electricity infrastructure that will enhance energy security while creating green jobs and supporting local communities.

Due to its massive investments, SSE reported a loss per share of 14.7p. However, the company’s shares did not move much on the announcement. 

Some of the critical operational highlights reported by the company include that it contributed £6 billion to UK GDP by supporting nearly 40,000 UK jobs, with a further €429 million contribution to Ireland's GDP having supported about 2,000 Irish jobs.

The company raised its earnings guidance for fiscal 2023/2024 to 150p with capital expenditures and investments of over £2.8 billion, exceeding the record investments made in the past year. 

Alistair Phillips-Davies, SSE plc Chief Executive, said: “Action, not just ambition, is what is needed to provide lasting solutions to the problems of climate change, energy affordability and security – and, with a record-breaking investment programme, that is what we are delivering. Through delivery of our societally-aligned strategy we are accelerating the build-out of renewables, reinforcing the networks needed to decarbonise, providing much-needed flexible generation, and working hard to ensure no-one is left behind in the transition to net zero. The results that we have reported today are profits with a purpose.”

*This is not investment advice. 

SSE share price. 

The SSE share price has risen 13% since the year began delighting investors in the company.