"I think our profits are fair," said SSE chief executive Alistair Phillips-Davies, as the utility giant announced adjusted pre-tax profits of £1.6bn. His case rests on the fact that SSE has invested over £7.5bn in the last five years and needs to make an acceptable return on that investment.
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The 10 per cent increase in SSE's adjusted pre-tax profit last year was driven by the wholesale business, where profits rose by a quarter on the back of higher renewable energy output and increased exploration and production activities. Meanwhile, profits in the politically contentious retail business tumbled 29 per cent due to the mild winter and higher wholesale energy costs.