SSE to recommend a final dividend of 67.7p

DividendMax Ltd.

SSE to recommend a final dividend of 67.7p

An interim dividend of 29.0p per ordinary share (2022: 25.5p) was declared and paid on 9 March 2023 by SSE to those shareholders on the SSE plc share register on 13 January 2023. Shareholders were able to elect to receive ordinary shares credited as fully paid instead of the interim cash dividend under the terms of the Company's scrip dividend scheme.

The proposed final dividend of 67.7p per ordinary share based on the number of issued ordinary shares at 31 March 2023 is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. Based on shares in issue at 31 March 2023, this would equate to a final dividend of £740.6m.

Other financial highlights include:

Adjusted earnings per share of 166.0p, in line with pre-close guidance.

Reported loss per share of (14.7)p mainly driven by a net £2.3bn adverse fair value movement on derivatives, leaving a £(0.3)bn net derivative liability remaining on balance sheet.

Profitability in Renewables reflects strong prices captured by flexible hydro and wind hedging position offset by unfavourable weather conditions, hedge buy-back costs and the effect of the Electricity Generator Levy.

Strong performance in Thermal Energy, with the addition of 670MW from the Triton acquisition, thermal generation offering flexibility to the market and supporting security of supply with gas storage managing gas supply volatility.

Raised £1.7bn in Hybrid Capital, Eurobonds and Private Placements in the first half of the year at well-below current market prices.

Cash collateral remains comfortably within existing facilities with 8% utilised at 18 May 2023

Adjusted investment, capital and acquisition expenditure of £2.8bn.

Adjusted net debt and hybrid capital at £8.9bn, in line with pre-close guidance and well below targeted gearing levels.

Companies mentioned