SSE : Sees Coronavirus Hit to 1Q In Line With Expectations

By Jaime Llinares Taboada

SSE PLC said Thursday that the hit to its operating profit from the coronavirus during the first quarter of fiscal 2021 was in line with expectations, and that it anticipates its interim dividend to be in line with its inflation-linked policy.

The FTSE 100-listed energy company said in a trading update that it continues to expect a negative impact of between 150 million and 250 million pounds ($188.8 million-$314.7 million) before mitigation from the pandemic.

The group said it intends to declare an interim dividend of 24.4 pence in November based on inflation estimates, which would be up from 24.0 pence a year earlier. SSE said continues to target its five-year dividend policy, which would set the full fiscal 2021 payment at 80 pence plus RPI inflation.

On the operational side, SSE reported that in April-June its renewable power output rose 5.8% from a year earlier. Its gas-fired generation for the period increased 12%, while its distribution business transported 12% less power.

Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT