Cold weather boosts SSE profits

(Source: Reuters)

Utility company SEE has released preliminary results for the year ended 31 March (release). Profit before tax rose from £268.5m to £600.9m. Following this profit growth, SSE stated that it is targeting an annual dividend increase above RPI inflation.

The firm said that gas consumption by customers grew by 21 per cent, with electricity consumption up by five per cent. Retail operating profit jumped by 27.5 per cent to £410.1m as a result.

Chairman Lord Smith of Kelvin apologised for breaches that led to a penalty for the firm:

The first week of April saw the Gas and Electricity Markets Authority propose a £10.5m penalty on SSE for breaches of licence conditions in relation to sales of electricity and gas, mainly between 2009 and 2011, which SSE accepted immediately. Like everyone else associated with SSE I have no hesitation in apologising unequivocally for the breaches that occurred; but while the breaches were clearly wrong, the response has been absolutely right.