ENERGY giant SSE has reported a small fall in annual profits as it presses ahead with a multi-billion-pound investment in the UK’s power network.
The company’s pre-tax profits slipped 1 per cent to £1.84billion in the year to March.
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Energy giant SSE has reported a small fall in annual profits Credit: PA
The firm is pressing ahead with a multi-billion-pound investment in the UK’s power network Credit: Shutterstock Editorial
On an adjusted basis, profits were down 6 per cent.
But SSE said its results were still at the top end of expectations, helped by a strong performance across the business.
The group, which runs electricity networks and renewable energy projects, said it had not seen any immediate hit from the wider global economic turbulence.
SSE is spending heavily on energy infrastructure, particularly its electricity transmission business, as demand grows for cleaner power and a stronger UK grid.
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Capital investment rose 23 per cent to £3.6billion over the year. It now plans to spend more than £5billion in the current financial year.
Boss Martin Pibworth said SSE was “well-placed” for growth as it helps build a more secure and affordable energy system for the UK.
He said: “That investment is central to long-term value creation.
“It’s reducing the UK’s exposure to volatile global energy markets and providing more stable, predictable returns through the energy transition.”
He also claimed his plan was “supporting economic growth and cutting bills for consumers”.
Analysts said the figures showed SSE was coping well with the pressure of heavy spending.
Duncan Ferris, investment writer at Freetrade, said the company’s transmission arm had seen both profits and investment rise sharply.
He said SSE’s plans appeared to be on track, adding that projects like these were a key part of the UK’s future energy system.
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