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.

Vacancies By Email

Get There First With Vacancies By Email

Get specific job types, tailored to your requirements, sent straight to your inbox as soon as they are available. Register Now »

Latest Vacancies

Buyer Contract | Kingston upon Thames, Surrey, England | £40.00 Per Hour

We are currently seeking a contract Buyer to work in the energy sector in Kingston-upon-Thames. Due to an increasing workload, they are seeking an experienced Buyer with specific experience in offshore subcontracts including dredging, rock dumping and sub
Read More »

Senior Structural Engineer Contract | South London, London, England | £37.00 Per Hour

Blueprint Recruitment are pleased to be working with a well-established company in their South London office who are looking for a Senior Structural Engineer on a 6month contract basis.
Read More »

Site Coordinator / Multi Site Manager Permanent | West Sussex, West Sussex, England | £35,000 Per Annum

We have an excellent new opportunity for a Site Coordinator to join a highly reputable contractor on a permanent basis, reporting out of Billinghurst.
Read More »

Project Manager Contract | Oxford, Oxfordshire, England | £300 Per Day

We have an excellent opportunity for a Project Manager to join a leading organisation on contract basis in Oxford.
Read More »

Cost Controller / Billing Specialist Permanent | Stockport, Greater Manchester, England | £32,000 Per Annum

We have a new opportunity for a Cost Controller / Billing Specialist to join our client in Stockport on a permanent basis.
Read More »