|Master Investor Magazine
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The price of shares in FTSE 100 energy firm SSE (LON:SSE) has sunk by 2.97% to 1,014p (as of 14:35 BST) following the news that adjusted operating profits for the year ended 31st March dropped by 38%. This was largely due to an expected £284.9 million operating loss in energy portfolio management.
SSE’s Chair, Richard Gillingwater commented: “While our financial results clearly fell well short of what we hoped to achieve at the start of the year, we’ve made significant progress towards our ambition to be a leading energy company in a low-carbon world.
“We have continued to develop our core businesses of regulated energy networks and renewables; demonstrated our ability to create and unlock value from developing and operating, as well as owning, assets; and adopted clear long-term goals as we set up the business for long-term success.
“The fundamental strengths of our business and the strategic opportunities afforded by the transition to a low-carbon economy will support the delivery of our five-year dividend plan and creation of value for society as a whole“.