SSE’s first-half revenue rose by 4% to £4.6bn, helped by inflation-linked tariff increases in Transmission.
Underlying operating profit fell by 24% to £655mn. The sharp decline was by Distribution and Renewables, with the latter suffering from unfavourable weather.
Free cash outflows worsened from £46mn to £0.6bn, due to increased levels of investment. Underlying net debt rose by £1.6bn to £11.4bn.
Full-year profit guidance is expected to be announced later in the year.
SSE also announced a £33bn five-year investment plan to 2029/30. Around £27bn is set to be invested in its regulated UK electricity networks, with the remainder to be spent on renewables and system flexibility projects.
To fund the investment, SSE is issuing new equity to raise £2bn (around 9% of its market cap pre-announcement).
The shares rose 12% in early trading.
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SSE key facts
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