By Jaime Llinares Taboada
SSE PLC on Wednesday posted a significantly lower pretax profit for fiscal 2020 and projected coronavirus impacts of between 150 million and 250 million pounds ($189 million-$314 million).
The FTSE 100 power utility made a pretax profit of GBP587.6 million for the year ended March 31, down from GBP1.30 billion in fiscal 2019. This was mainly due to a GBP529.0 million exceptional charge on discontinued operations, on top of a GBP209.7 million one-off charge related to the continuing business.
However, adjusted operating profit--which excludes discontinuing and held-for-sale businesses such as SSE Energy Services and Gas Production--rose 37% to GBP1.49 billion.
The group declared a final dividend of 56 pence a share, bringing the full-year payment to the 80 pence target, and expects to meet its RPI inflation-linked growth policy for fiscal 2021.
SSE is expecting to book coronavirus impacts of between GBP150 million and GBP250 million in the current financial year, which would be offset by cash outflow reductions in fiscal 2021 of at least GBP250 million--mainly capital expenditure.
Write to Jaime Llinares Taboada at firstname.lastname@example.org; @JaimeLlinaresT