SSE narrows full-year EPS guidance

SSE said on Wednesday that it was narrowing its guidance for full-year 2023/24 adjusted earnings per share, partly to reflect improved renewables output.

The company now expects adjusted EPS of 152p to 160p, versus previous guidance of more than 150p.

"This narrower range is consistent with previous guidance of more than 150 pence, and reflects renewables output 13% below plan for the year to 21 March 2024 as well as SSE Thermal delivering adjusted operating profit of more than £750m," it said.

SSE said it remains on track to report full-year 2023/24 capital expenditure of around £2.5bn, as it continues to progress its "high-quality" project pipeline.#

"This is underpinned by a strong balance sheet, with adjusted net debt and hybrid capital expected to be around £9.5bn at 31 March 2024," it said.

In the longer term, SSE said it continues to focus on the delivery of the investment, operational and financial growth targets as set out in the Net Zero Acceleration Programme Plus. This includes reaffirming the target of 175p to 200p adjusted EPS for 2026/27.