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SSE sees £200mln coronavirus hit to profits

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SSE PLC (LON:SSE) has said the impact of coronavirus (COVID-19) on its full-year operating profit will be around £200mln but added that it will still meet financial expectations if the weather remains stable over the next three months.

The energy firm guided for full-year adjusted earnings per share of 85p-90p per share and said it will recommend a full-year dividend of 80p per share.

READ: SSE offloads gas assets to Viaro Energy for £120mln

In the nine months to December 31, 2020, SSE said its renewables output was just over 5% below plan at 7,202 gigawatt per hour.

The company continues to participate in auctions to treble renewables output by 2030 and achieve a run rate of at least 1 gigawatt of new assets a year during the second half of the decade.

This includes pre-qualification in January 2021 as part of a consortium for the Danish Thor offshore wind tender to expand in international markets.

The FTSE 100 power firm said it is on track to make over £2bn from a disposals programme to focus on becoming net carbon zero, including the sale of its Multifuel assets for £995m and the sale of its gas exploration and production assets in December.

SSE shares rose 1% to 1,520p early on Tuesday.

— Adds shares price —

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