SSE 2011 Full Year Results Statement (UK)

Scottish and Southern Energy plc announced financial report for the year to 31 March 2011.

Lord Smith of Kelvin, Chairman of SSE, said:

“SSE’s key financial objective is to deliver above-inflation increases in the dividend every year, and this has again been achieved. SSE is one of just six FTSE 100 companies to have delivered real dividend growth every year since 1999, when the company paid its first dividend.

“Despite lower-than-expected output of renewable energy and higher-than-forecast wholesale gas prices, SSE also achieved another increase in adjusted profit before tax. This reflects the fact that SSE’s balanced business model, with both economically-regulated and market-based businesses, makes the company resilient and able to deliver solid financial results and annual dividend growth even when the business environment is challenging.

“Despite the challenges, SSE has delivered sector-leading service to energy customers and maintained a strong record of reliability in energy networks. Important additions have been made to its asset base through its investment programme, delivery of which is beginning to gather momentum. In doing so, the groundwork has been laid upon which SSE can extend its record of annual real dividend growth, with another increase, of at least 2% more than RPI inflation, being targeted for 2011/12.”

For full year results statement visit (SSE)

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Source: sse, May 20, 2011