SSEZY SSE PLC (PK)

By Carlo Martuscelli

SSE PLC (SSE.LN) said Thursday that it expects to report adjusted earnings per share of more than 120 pence (169 cents) for the year ending March 31, beating its previously-stated target range of 116 pence to 120 pence.

The U.K. gas-and-electricity supplier said it expects to declare a dividend increase that is at least equal to inflation--forecast to be around 3.7%.

SSE said its capital-and-investment expenditure for the year will be around GBP1.5 billion.

The company said it expects all three of its segments to be profitable in the 2018 fiscal year. Adjusted operating profit for its wholesale division is expected to be "significantly higher" than the year before due to increased electricity output from its renewable and gas-fired plant. It reiterated that adjusted operating profit from its networks unit is expected to be around GPB150 million lower than the previous year.

Retail adjusted operating profit is expected to be in line with the previous year.

Finance Director Gregor Alexander said the company is in a good position to deliver results ahead of its expectations at the start of the financial year.

SSE said the previously announced spin off and merger of its household and services businesses with Npower--the U.K. retail-energy unit of Germany's Innogy SE (IGY.XE)--remains on course, but the timing is not certain. It said that a total of 8,800 employees will be transferred to the new retail group.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

March 29, 2018 02:40 ET (06:40 GMT)

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