SSE dividend reduced as full-year profits fall 55% on less demand for electricity

Energy giant SSE has revealed a 55% fall in full-year profits as reported profit before tax slumped to £587.6m for the year ended 31st March 2020.

As it struggled with the effects of COVID-19, the company revealed that overall it is facing reduced demand for electricity across distribution networks and from customers for electricity and related services. It noted it expected these challenges are to be ‘substantial’ over the course of a year but largely temporary overall in terms of duration.

A final dividend per share of 56p per share was announced, taking the full-year payout to 80p per share. While this is lower than the 97.5p per share paid out last year, SSE noted that the dividend is in line with its five-year dividend plan.

“2019/20 was a year of progress for SSE. Financially, there was a solid recovery from the previous year. Strategically, we reshaped the Group with the sale of Energy Services and increased our focus on our core businesses of regulated electricity networks and renewable energy. Operationally, these businesses made significant progress towards our strategic priorities and ambition to be a leading energy company in a net zero world.

It is still too soon to predict with accuracy the full human, social, economic and business impact of coronavirus; but we have put in place a comprehensive plan to achieve the related objectives of sustaining the dividend payments which provides vital income for people’s pensions and savings – income which is now more important than ever; and promoting the long-term success of SSE for the benefit of all its stakeholders.”

Richard Gillingwater, Chair of SSE

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