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Share Price: 1,779.00
Bid: 1,779.00
Ask: 1,779.50
Change: 8.00 (0.45%)
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Open: 1,767.00
High: 1,786.50
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SSE adjusted FY profits slump; warns of tough 2019

Wed, 22nd May 2019 07:07

(Sharecast News) - Adjusted pre-tax profits at energy provider SEE slumped 38% to £725.7m as the company warned current year results would be challenged by competition and opposition Labour Party renationalisation plans. The adjusted figure reflected a £284.9m adjusted operating loss previously forecast in energy portfolio management. Pre-tax profit for the year through March rose to £1.37bn, up from £864.4m on-year, as the company benefited from the proceeds of asset sales.SSE Energy Services, the company's renamed domestic supply division, saw operating profit fall to £35.3m from £221.8m due to the government-imposed price cap and the decision not to pass on the full impact of higher wholesale prices to customersThe company also said it was forming a separate board for its electricity and gas supply business, which it has been trying to offload, "with a mandate to deliver a new future for the business outside of the SSE group and continue progress towards a listing or new, alternative ownership by the second half of 2020".Adjusted earnings per share fell 32% to 67.1p. A final dividend of 68.2p a share was declared, making the total 97.5p a share."While our financial results clearly fell well short of what we hoped to achieve at the start of the year, we've made significant progress towards our ambition to be a leading energy company in a low-carbon world," said chairman Richard Gillingwater.SSE said current year group adjusted operating profit was "likely to be negatively impacted by expected phasing of profits in regulated electricity networks and by renewable output for 2019/20 being hedged at less than current market prices".SSE, which is one of the so-called 'Big Six' providers, said earlier in May it was cutting 444 jobs in its struggling retail business, blaming tough competition and the price cap.The company added that Brexit worries and Labour's proposed renationalisation policy if it was elected had caused "significant" uncertainty."The energy sector as a whole remains under significant scrutiny, including from the Labour Party, which advocates nationalisation of energy networks," the company said, adding that it was lobbying against the policy."In all of this, there is a huge degree of uncertainty, including: uncertainty about what the final form of Labour's policy will be in a general election; uncertainty about whether that general election will result in a Labour government with a sufficient majority and capacity to pass the necessary legislation in parliament; uncertainty about the final content of any legislation; and uncertainty about how and when any legislation would be implemented."
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18 Nov 2022 12:21

Barclays sees 'compelling value' in UK utilities after Budget clarity

(Sharecast News) - Barclays said on Friday that the "energy tax overhang" was gone, as it welcomed the clarity brought by Chancellor Jeremy Hunt's announcement on windfall taxes in this week's Autumn Statement.

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18 Nov 2022 09:49

LONDON BROKER RATINGS: Goldman Sachs raises Tritax Big Box to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

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17 Nov 2022 18:27

UK hits power firms with windfall tax, hikes oil company levy

Windfall tax on oil and gas companies rises to 35%

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17 Nov 2022 17:16

UK shares slip after Hunt's new budget raises taxes, squeezes spending

Jeremy Hunt hikes taxes, squeezes spending

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17 Nov 2022 17:01

LONDON MARKET CLOSE: FTSE 100 ends lower despite post-budget rebound

(Alliance News) - London's FTSE 100 made a stellar recovery in the final hours of trading after suffering early afternoon malaise in the wake of the Chancellor's autumn statement.

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17 Nov 2022 15:08

UK power companies up after budget keeps energy cap to 2024

LONDON, Nov 17 (Reuters) - London-listed power generators shares rose on Thursday after British finance minister Jeremy Hunt said the average household energy bill would rise and kept a price cap until 2024.

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17 Nov 2022 13:49

Britain targets energy efficiency with consumption cut goal

LONDON, Nov 17 (Reuters) - Finance minister Jeremy Hunt said he wanted Britain to cut its energy usage by 15% by 2030 to help reduce bills, catching up with European neighbours which are already prioritising measures to counter spiralling prices.

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17 Nov 2022 13:01

UK's Hunt says average household energy bill to rise, keeps cap

LONDON, Nov 17 (Reuters) - British finance minister Jeremy Hunt said the cost of an average household energy bill would rise to 3,000 pounds ($3,555) a year from April after he reined in the scale of support for gas and electricity, but kept a price cap until 2024.

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17 Nov 2022 12:52

Sterling, UK bond prices edge lower as Hunt outlines tough budget

LONDON, Nov 17 (Reuters) - Sterling and government bond prices fell on Thursday after British finance minister Jeremy Hunt announced a string of tax increases and tighter public spending in a tough budget plan.

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17 Nov 2022 12:42

Energy firms resilient as Hunt announces new windfall taxes

(Sharecast News) - Shares in energy firms initially slumped on Thursday after Chancellor Jeremy Hunt outlined new windfall taxes in his Autumn Statement, but prices quickly recovered.

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17 Nov 2022 12:28

UK's Hunt says average household energy bill to rise, keeps cap

LONDON, Nov 17 (Reuters) - British finance minister Jeremy Hunt said the cost of an average household energy bill would rise to 3,000 pounds ($3,554.70) a year from April after he reined in his predecessor's vast support package for gas and electricity bills.

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17 Nov 2022 12:17

Britain's Hunt sets out plans to reduce energy consumption by 15% by 2030

LONDON, Nov 17 (Reuters) - British finance minister Jeremy Hunt on Thursday said he wanted the country to become more energy efficient, outlining a new goal to reduce energy consumption by 15% over the next eight years to save money.

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17 Nov 2022 11:48

UK's Hunt increases energy windfall tax

LONDON, Nov 17 (Reuters) - British finance minister Jeremy Hunt said on Thursday the government would increase a windfall tax on oil and gas firms and extend it to power generation firms as he seeks to raise money to plug a hole in the public finances.

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16 Nov 2022 09:45

TOP NEWS: SSE swings to interim loss on costs despite big revenue jump

(Alliance News) - SSE PLC on Wednesday said it swung to a pretax loss in the six months that ended September 30, as the Perth, Scotland-based electricity provider saw its cost of sales soar.

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16 Nov 2022 09:01

LONDON MARKET OPEN: Sterling firms after record UK inflation print

(Alliance News) - Stocks in London were mixed at the open on Wednesday, but the pound was getting support, following a hotter-than-expected inflation reading from the UK.

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