Business
Preliminary Results for the year to 31 March 2023
Preliminary Results for the year to 31 March 2023.
About this update from Sse Plc
[{"type":"text","content":"\n\nThis announcement contains inside information under Article 7 of the Market Abuse Regulation (EU) No 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"UK MAR\").\nSSE PLC: Preliminary Results\nfor the Year ended 31 March 2023\n24 MAY 2023\nBUILDING FOR CLEAN, SECURE, AFFORDABLE ENERGY\n· Record £2.8bn of capex and investment, greater than profits, in projects across low-carbon electricity infrastructure that will enhance energy security while creating green jobs and supporting local communities.\n· Reporting adjusted earnings per share of 166.0p, in line with pre-close guidance, reflecting the performance from a balanced, integrated business model in a year of market volatility.\n· Continued focus on Safety, however increased construction activity has contributed to a Total Recordable Injury Rate of 0.19, an increase from 0.17.\n· Strategic debt refinancing and increasing cash flow generation provides the group with more financial strength to weather future market uncertainty, seize opportunities and create value.\n· Guiding to adjusted EPS of more than 150p for 2023/24, with capital expenditure and investment of more than £2.8bn in 2023/24, exceeding the record investment in 2022/23.\n· Contributed over £6bn to UK GDP, supporting nearly 40,000 UK jobs with further €429m contribution to Ireland GDP and over 2,000 Irish jobs supported.\nANNOUNCEMENT OF \"NET ZERO ACCELERATION PROGRAMME PLUS\"\nContinuing the acceleration of investment through the \"NZAP Plus\" five-year strategic plan to 2027, upgrading targets whilst also advancing previous plan by 12 months, to account for changing investment mix:\n· Upgraded £18.0bn capital investment plan, an over 40% increase on previous plan.\n· Reshaped capital allocation between regulated electricity networks (c.50%), renewable electricity generation (c.40%), low-carbon flexible thermal generation and other businesses (c.10%).\n· Investment will deliver c.5GW net renewables capacity additions and grow net electricity networks RAV to between £12-14bn by ...