Big six energy company, SSE, announces profits increase
Published on : 18/05/2012
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SSE, one of the big six energy companies, has announced that its profits have risen by two per cent, according to an article published by BBC News.
Despite a year in which SSE said it had faced upheaval and the state of ongoing economic uncertainty, it revealed pre-tax profits of £1.33 billion on Wednesday (May 16).
As a result it has also raised the dividend - by 6.8 per cent.
Although the Perth-based firm saw its overall profits rise, the operating profit for its retail division - which supplies both gas and electricity - saw a fall of 20 per cent - down to £321.6 million, meaning pre-tax profits of £268.5 million.
Chairman of SSE, Lord Smith of Kelvin, commented on the profit announcement.
He said: "There are three issue over which SSE has no control but which in one way or another touched every part of its business... upheaval in global energy markets, widespread economic uncertainty and the weather.
"Higher wholesale gas rises, falling demand and a succession of winter storms presented major challenges for the wholesale, retail and networks parts of SSE," he added.
Lord Smith of Kelvin then went on to defend the energy industry in light of widespread criticism.
"For some people, 'profit' and 'dividend' are contentious words when it comes to energy, but profit and dividend allow SSE to employ people, pay tax, make investments that keep the lights on and provide an income return that shareholders like pension funds need," he stated.
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