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SSE warns of ‘disappointing’ trading

by Purvai Dua
12th Sep 18 8:24 am

Shares in British energy provider SSE Plc slipped almost 9 per cent today after it announced that profit for the first six months of the year would halve, compared to the same period a year ago, amid warm weather and higher gas prices.

The difficult conditions cost SSE £80m in the first quarter, rising to £190m in the first five months of its financial year.

“Lower than expected output of renewable energy and higher than expected gas prices mean that SSE’s financial performance in the first five months has been disappointing and regrettable,” Chief Executive Alistair Phillips-Davies said.

SSE also said the price cap on default energy bills proposed by Britain’s energy regulator last week would result in “significantly” lower full-year profit at its energy services division than what it expected at the start of the year.

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