SSE Profits Increase 9.6%

SSE has reported a 9.6% increase in its pre-tax profits to £1.55bn for the year to 31 March.

This compares to £1.4bn a year previously.

It said its results had been boosted by a strong performance in its electricity transmission operations, but added that it was a "very challenging" time for the energy sector.

The findings comes after the UK's 'Big Six' energy suppliers were criticised for increasing their tariffs. SSE is one of the six companies. In March 2014, it confirmed it would freeze its energy tariffs until January 2016. The firm added it had lost 370,000 customers over the year.


Elsewhere, the company's operating profits from its retail operations plummeted by 28.6% to £292m. SSE also reported a one-off charge of £747.2m which is due to a decision to scale back its offshore wind projects, as well as the disposal of what it called "non-core" businesses, which include street lighting contracts.

Speaking to BBC Radio 4's Today programme, SSE Chief Executive Alistair Phillips-Davies described the results as a "mixed bag".

(JP/CD)