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| SSE 'on course' for £1.5bn profit | SSE 'on course' for £1.5bn profit |
| (35 minutes later) | |
| Energy supplier SSE has announced it is on course to make more than £1.5bn in profit this year, despite losing 250,000 gas and electricity customers. | Energy supplier SSE has announced it is on course to make more than £1.5bn in profit this year, despite losing 250,000 gas and electricity customers. |
| SSE said the number of household accounts in Great Britain and Ireland fell from 9.47 million to 9.22 million in the last nine months of 2013. | SSE said the number of household accounts in Great Britain and Ireland fell from 9.47 million to 9.22 million in the last nine months of 2013. |
| Average consumption of gas and electricity by SSE customers also fell, by 9.5% and 4.3% respectively. | Average consumption of gas and electricity by SSE customers also fell, by 9.5% and 4.3% respectively. |
| However, the firm has forecast an 8.8% increase in its full-year profit. | |
| It also expects a dividend increase for the 12-month period. | |
| In October, Perth-based SSE became the first of the "big six" suppliers to announce an increase in domestic bills, with a rise of 8.2% effective from November. | In October, Perth-based SSE became the first of the "big six" suppliers to announce an increase in domestic bills, with a rise of 8.2% effective from November. |
| Earlier this month, the company - which trades as Southern Electric, Swalec and Scottish Hydro - confirmed it would cut its prices from 24 March, following changes to green levies on bills. | Earlier this month, the company - which trades as Southern Electric, Swalec and Scottish Hydro - confirmed it would cut its prices from 24 March, following changes to green levies on bills. |
| It said it would reduce prices by an average of 3.5% for those on dual fuel agreements. | It said it would reduce prices by an average of 3.5% for those on dual fuel agreements. |
| In an interim management statement on Thursday, SSE said it expected to deliver a pre-tax profit of more than £1.53bn for the year. | In an interim management statement on Thursday, SSE said it expected to deliver a pre-tax profit of more than £1.53bn for the year. |
| However, it warned that its five-year capital and investment programme from 2015 was likely to be lower than the £1.5bn-£1.7bn range it has invested each year since 2010. | However, it warned that its five-year capital and investment programme from 2015 was likely to be lower than the £1.5bn-£1.7bn range it has invested each year since 2010. |
| Wind farms review | Wind farms review |
| It blamed in part the UK government's decision not to include two major offshore wind farms - Galloper and Beatrice - in an early subsidy programme. SSE has a 50% stake in Galloper and a 75% share of Beatrice. | It blamed in part the UK government's decision not to include two major offshore wind farms - Galloper and Beatrice - in an early subsidy programme. SSE has a 50% stake in Galloper and a 75% share of Beatrice. |
| SSE said it would complete "a wide-ranging review" of its offshore wind development portfolio by the end of this financial year before reporting on its conclusions. | SSE said it would complete "a wide-ranging review" of its offshore wind development portfolio by the end of this financial year before reporting on its conclusions. |
| SSE chief executive Alistair Phillips-Davies said: "Despite what is clearly a difficult business environment, the overall performance of the company has been solid in 2013/14 and the efforts of employees, shown recently in the response to the Christmas week storms, have been excellent. | SSE chief executive Alistair Phillips-Davies said: "Despite what is clearly a difficult business environment, the overall performance of the company has been solid in 2013/14 and the efforts of employees, shown recently in the response to the Christmas week storms, have been excellent. |
| "It is encouraging that SSE is on course to deliver real growth in the dividend and increases in adjusted earnings per share and adjusted profit before tax." | "It is encouraging that SSE is on course to deliver real growth in the dividend and increases in adjusted earnings per share and adjusted profit before tax." |
| He added: "The operating environment is not expected to be any easier in 2014/15 but we have a well-balanced range of businesses and a good range of assets and we are determined to maintain our operational focus and financial discipline for the benefit of customers and investors." | He added: "The operating environment is not expected to be any easier in 2014/15 but we have a well-balanced range of businesses and a good range of assets and we are determined to maintain our operational focus and financial discipline for the benefit of customers and investors." |