SSE update lifts share price

Shares in FTSE 100 energy company SSE (LON:SSE) rose by 1.50% to 1,383.92p (as of 10:45 BST) after the company posted a trading update. The group said that first-quarter operating profits were in line with expectations, but the impact of coronavirus is expected to have an adverse impact on full-year results.

CEO Alistair Phillips-Davies commented: “Throughout the first quarter of 2020/21, our key workers continued to support the national coronavirus response by supporting the safe and reliable supply of electricity. Whilst the wider economic implication of the coronavirus continues to impact on the business, we’ve been investing in the green economic recovery and progressing our £7.5 billion capex plan of low-carbon investments, primarily in renewables and electricity networks.

“At the same time, we are delivering the comprehensive financial plan we set out last month at our full year results, continuing work on our disposal programme and successfully issuing over £1bn in hybrid bonds. Although the key months of our financial year are still ahead of us, the steps we are taking leave us well placed to deliver on our financial objectives of promoting the long-term success of the company and paying dividends“.