SSE to hike dividend despite earnings drop

first_img SSE to hike dividend despite earnings drop Wednesday 10 November 2010 6:19 am Share Show Comments ▼ Scottish & Southern Energy Britain’s second-largest electricity generator, said it was sticking to plans to raise its dividend, when posting lower first-half earnings that beat expectations, lifting its shares.High wholesale gas prices and low renewable energy output led to a 6.1 per cent decline in adjusted first-half pretax profit which came in at £386m.“SSE’s key financial objective is dividend growth, and we are on course to meet our target of a two per cent real increase for the full year 2010/11, while maintaining a dividend cover in line with our established range,” chairman Robert Smith said.Perth, Scotland-based SSE, which has 9.9m customers, raised its interim dividend 6.7 per cent to 22.4 pence.Bank of America Merill Lynch analyst Fraser McLaren said the results were slightly ahead of expectations and brought a sense of clarity which will support medium-term growth prospects.He raised his rating on SSE stock to “buy,” saying: “With the stock having underperformed the UK utilities since June, we see the renewed clarity and management confidence as positive.”“The past six months have not been easy, with low renewable energy output and higher wholesale gas costs contributing to a challenging business environment,” Smith said. whatsapp More From Our Partners Fort Bragg soldier accused of killing another servicewoman over exthegrio.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comColin Kaepernick to publish book on abolishing the policethegrio.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comMark Eaton, former NBA All-Star, dead at 64nypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comConnecticut man dies after crashing Harley into live whatsapp John Dunne Tags: NULL last_img

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