SSEZY SSE PLC (PK)

By Elena Vardon

SSE PLC on Thursday raised its adjusted earnings per share expectations to more than 160 pence ($1.97) in fiscal 2023, up from the updated 150 pence guidance and backed some of the other targets it issued in January.

The FTSE 100 energy company said the performance of its flexible generation plant to support the security of supply has more than offset lower-than-planned renewables output and associated hedge buy-back costs, leading to the EPS guidance hike.

The group reiterated it is on track to post capital expenditure of over GBP2.5 billion in the fiscal year. It said its adjusted net debt and hybrid capital are expected to be below GBP9 billion at March 31, adding around 8% of available liquidity had been used as cash collateral for forward commodity contracts at March 23.

It also backed its full-year dividend of 85.7 pence a share, plus retail price index, and that the payout would be rebased to 60 pence in fiscal 2024 to support investment and growth plans, and then increased by at least 5% a year.

"This strong performance leaves us well positioned to continue our significant investment program and we will update the market with more detail in May," said Finance Director Gregor Alexander.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

March 30, 2023 02:34 ET (06:34 GMT)

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