SSE PLC Notification of Close Period (6275A)
30 September 2015 - 4:01PM
UK Regulatory
TIDMSSE
RNS Number : 6275A
SSE PLC
30 September 2015
SSE plc
NOTIFICATION OF CLOSE PERIOD
SSE plc will enter its close period on Thursday 1 October 2015,
prior to the publication on Wednesday 11 November of its financial
results for the six months to 30 September 2015.
Since the publication of its trading statement on 23 July 2015,
SSE has:
-- entered into an agreement with Total E&P UK Limited to
acquire a 20% interest in four gas fields and surrounding
exploration acreage in the Greater Laggan area and a 20% interest
in the new Shetland Gas Plant;
-- noted that the way is now clear for the 'Project TransmiT'
reforms to Transmission Network Use of System charges to proceed
from 1 April 2016;
-- given notice, as issuer, that EUR500m of hybrid capital
securities and GBP750m of hybrid capital securities will be
redeemed in full on 1 October 2015;
-- decided to build on its position as the best-performing of
the 10 largest energy suppliers in responding to complaints by
committing to resolve complaints within four weeks or advise
customers of their right to contact Ombudsman Service: Energy -
which is twice as fast as the industry standard of eight weeks;
-- confirmed that 28,854 shareholders (26%) elected to receive
their final dividend for the year to 31 March 2015 in the form of
Scrip dividend, resulting in a reduction in final dividend cash
funding of GBP159.5m;
-- in line with the value programme set out in March 2014,
invited non-binding bids for minority stakes in a number of wind
farm developments;
-- issued an eight-year/EUR700m euro bond, maturing in September
2023, with a coupon of 1.75% and an all-in funding cost when
converted back to sterling of 3.19%;
-- reached a landmark in its managed roll-out of smart meters
across Great Britain with the installation of its 100,000(th)
meter;
-- been named by Citizens Advice in its quarterly Energy
Supplier Performance report as the best performing of the largest
18 energy suppliers in Great Britain, with almost 20 times fewer
complaints than the worst performing supplier;
-- been advised that 5,720MW of capacity it submitted has so far
pre-qualified for the capacity market auction later this year; and
remains in discussions with the EMR Delivery Body with the
objective of successfully pre-qualifying a further 427MW of
capacity; and
-- noted the CMA's final determination in respect of the
RIIO-ED1 price control appeals. As relevant distribution network
licence holders, both of SSE's distribution networks were named in
the appeals. The result of the appeals will reduce the networks'
combined average annual revenue by GBP2m.
Financial outlook
SSE focuses on results for the financial year as a whole because
results for six month periods are more variable and more subject to
the impact of shorter-term issues. In the previous financial year,
SSE earned around one quarter of its full-year adjusted profit
before tax in the first six months; in 2015/16 it is more likely to
have earned over one third of its full-year adjusted profit before
tax in the first six months. In the first half of 2014/15,
operating profit in Wholesale was exceptionally low and Energy
Supply reported an operating loss; in 2015/16 there has been high
output of renewable energy, benefiting Wholesale, and relatively
good performance in Energy Supply. SSE continues to manage a wide
range of issues across its Wholesale and Retail businesses and,
therefore, relatively good performance in these segments in the
first six months does not change its outlook for the financial year
as a whole.
SSE uses adjusted earnings per share (EPS) to monitor financial
performance over the medium term because it defines the amount of
profit after tax that has been earned for each ordinary share. As
it has previously acknowledged, the nature of energy provision
means that financial results in any single year are always subject
to well-known uncertainties; nevertheless, SSE is continuing to
target adjusted earnings per share for 2015/16 of at least 115
pence.
SSE is on course to achieve its principal financial objective
for 2015/16, which is to deliver an increase in the full-year
dividend that will be at least equal to RPI inflation. It continues
to recognise that its dividend cover, based on dividend increases
that at least keep pace with RPI inflation, could range from around
1.2 times to around 1.4 times over the three years to 2017/18. SSE
continues to believe that a long-term target for dividend cover of
a range around 1.5 times, also based on dividend increases which at
least keep pace with inflation, is the right one to aim for.
Gregor Alexander, Finance Director, SSE, said:
"We are satisfied with the start we have made to the financial
year, and are pleased to have made good progress in both the
investment programme and the operational performance in each of the
businesses. The priority now is to make sure that the business
performs well throughout the autumn and winter, focusing on meeting
the needs of Networks, Retail and Enterprise customers in
particular, while achieving our key financial goals."
This information is provided by RNS
The company news service from the London Stock Exchange
END
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