SSE pre-tax profits up 48%
Posted on: 11/11/2015

Energy giants SSE have made a pre-tax profit of £548.8m in the six months to the end of September, making a huge jump of 48% on the same period from the previous year. Their results for the first six months of 2015 also revealed that investment and capital expenditure was up 11.5% to £757.3m, and that retail operating profit was up to £101.5m. Renewable output was boosted by wet and windy weather in Ireland and Scotland.

The news comes as wholesale operating profits- the amount the firm pays for gas and electricity before passing it onto customers- had returned to a more typical level of £159.6m, dropping 20% this year. SSE are expected to have earned over one third of its full year profit in the first 6 months, and whilst some have criticised the company for not reducing costs, SSE chief executive Alastair Phillips-Davies noted that their gas prices had reduced by 4.1% in the spring.

Mr Phillips-Davies said: "We've had a solid start to the financial year but half-year profits are only half the story. There are many variables in energy and so they should be treated with caution - that's why we focus on full-year results.

"The last six months have seen us invest substantially in the UK's energy infrastructure - committing one and a half times what we've made in profit in the first half of the year. "We've upgraded our fleet of gas fired power stations, opened our new multi-fuel power plant and completed the Beauly to Denny transmission link and started work on the vital subsea link between Caithness and Moray,”

The firm said it made almost £5 profit on each of its millions of dual fuel customers in six months, but claimed overall it expects to make less profit at the end of this financial year than it did last year. SSE’s transmission business was the fastest growing in Europe with "record investment", including completion of the Beauly to Denny transmission line and the starting of the Caithness to Moray subsea transmission link.

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