SSE shares up as supplier raises dividend

Energy supplier SSE has published its financial results this morning - the first of the big six to do so since the price hikes.

The company, which raised its prices by 8.2 per cent last month, saw a year-on-year profit drop of 12 per cent in the six months to September. Its energy supply business saw an operating loss of £115m and, as it forecast, a loss in its retail business of £89.4m. The retail loss, it said, was down to the impact of higher wholesale gas distribution costs and purported social and environmental costs.

SSE reported an adjusted pre-tax profit of £354m - down 11.7 per cent like-for-like but up on the £40.9m loss the company saw last year.

Chairman of the group Lord Smith says that the company recognises its role in addressing the energy "trilemma of security of supply, decarbonisation and affordability." He added that SSE will continue to "work constructively with politicians " when it comes to fulfilling its main purpose of "providing the energy people need in a reliable and sustainable way and therefore remunerate shareholders for their investment with sustained real dividend growth." The company has upped its dividend by 3.2 per cent to 26.0 pence per share.

The supplier saw electricity transmission profits up 39.4 per cent to £67.6m, distribution increase nine per cent to £232m and a wholesale operating profit of £160.4m.

Shares have climbed up slightly on the news this morning.