SSE reiterates full-year earnings target

The blue chip energy group said its renewables performance in the first quarter had been lower than planned, equating to a 5% shortfall on its planned renewables output the year.

But it added it had seen a return to more normal weather in the second quarter, with the financial year’s most important months still to come.

SSE therefore continues to expect 2023/24 full-year adjusted earnings per share of more than 150p. The guidance is based on a return to more normalised weather as well as plant performance and market conditions continuing in line with expectations.

Gregor Alexander, finance director, said: “SSE is a long-term business with a clear strategy, and we remain focused on delivering the ambitious net zero acceleration programme growth plan that we announced in May.

“We are making good progress on the critical infrastructure projects that underpin our growth plans out to 2027, and we continue to develop options that could see us invest up to £40bn over the next decade.”

SSE, which published full-year results at the end of May, was updating on trading ahead of Thursday’s annual general meeting.