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SSE PLC

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Scottish and Southern Energy : SSE Expects 1st Half Adjusted Operating Profit to Fall by Half

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09/12/2018 | 02:38am EDT

By Oliver Griffin

SSE PLC (SSE.LN) said Wednesday that it expects adjusted operating profit for the first half of fiscal 2019 to fall by half compared with the year earlier period, citing the impact of high gas prices and warm weather.

The energy company, which is based in Scotland, said its adjusted operating profit in the first five months of the financial year, to Aug. 31, was down by around 190 million pounds ($247.4 million) compared with previous estimates.

The company said that due to the price cap put forward by U.K. energy regulator Ofgem--which is expected to be put in place by the end of 2018--it forecasts that the adjusted operating profit for its energy services business will be significantly less than expected at the start of fiscal 2019.

SSE said it expects to still recommend a full-year dividend of 97.5 pence a share for the financial year. It also expects to stick to the five-year dividend plan that it set out in May.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

Stocks mentioned in the article
ChangeLast1st jan.
SSE PLC -0.43% 1159 Delayed Quote.7.63%
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Financials (GBP)
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EBIT 2020 1 442 M
Net income 2020 834 M
Debt 2020 9 863 M
Yield 2020 6,87%
P/E ratio 2020 13,3x
P/E ratio 2021 11,6x
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EV / Sales2021 0,69x
Capitalization 11 886 M
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