Wind disposals lift SSE's profit in FY 2018/19

The Stronelairg wind farm. Image by SSE (www.sse.com)

May 23 (Renewables Now) - SSE plc (LON:SSE) this week reported an after-tax profit attributable to ordinary shareholders of GBP 1.41 billion (USD 1.78bn/EUR 1.6bn) for the fiscal year through March 2019, up by over 70%.

Operating profit grew by 46% to GBP 1.69 billion, mainly thanks to exceptional gains in the Electricity Generation segment following the sale of stakes in the 228-MW Stronelairg and the 94-MW Dunmaglass onshore wind farms, and the 522-MW Clyde wind farm complex.

The adjusted operating profit of the renewables division, however, fell to GBP 455.9 million from GBP 475.9 million a year ago because of the lower achieved price for renewable power. SSE expects its adjusted operating profit from renewables to rise to GBP 525 million in fiscal 2019/20.

The table contains details on SSE’s performance in 2018/19.

Results in GBP million FY 2018/19 FY 2017/18
Reported profit after tax to ordinary shareholders 1,409.1 821.6
Adjusted profit after tax to ordinary shareholders 685.9 998.3
Reported operating profit 1,692.2 1,157.4
Adjusted operating profit (loss) 1,137.6 1,554.8
- Of which from Renewables 455.9 475.9
- Of which from Thermal power (22.3) 107.8
- Of which from Networks 830.2 763.1

The company’s total renewable energy capacity reached 4 GW in May with the completion of the 588-MW Beatrice offshore wind farm.

(GBP 1 = USD 1.14/EUR 1.27)

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