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4-Traders Homepage  >  Equities  >  Xetra  >  Innogy SE    IGY   DE000A2AADD2

INNOGY SE (IGY)
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Britain's SSE raises fiscal year profit outlook, shares up

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01/31/2018 | 09:12am CEST
An SSE company logo is seen on signage outside the Pitlochry Dam hydro electric power station in Pitlochry

(Reuters) - SSE (>> Scottish and Southern Energy), Britain's second-biggest energy supplier, raised its full-year profit outlook on Wednesday as wet and windy weather drove a 25 percent rise in production from its renewable energy plants in its first three quarters.

(Reuters) - SSE (>> Scottish and Southern Energy), Britain's second-biggest energy supplier, raised its full-year profit outlook on Wednesday as wet and windy weather drove a 25 percent rise in production from its renewable energy plants in its first three quarters.

Shares in SSE rose 1.8 percent to top the blue-chip FTSE 100 index <.FTSE>.

The supplier said it expects to deliver adjusted earnings per share in the range of 116 to 120 pence. In November, the company had forecast that earnings would be at least in line with the consensus forecast of 116 pence.

SSE also said it expects to spend about 1.6 billion pounds in the full year 2017-2018, lower than its previous estimate of 1.7 billion pounds.

The company, however, maintained its capital expenditure estimate of about 6 billion pounds over four-years to March 2020.

Wind energy production rose to 4 terawatt-hours (TWh) in the nine months ended Dec. 31, from 3 TWh in the same period last year. Hydro energy output also rose to 2.5 TWh from 2.1 TWh a year ago.

The company lost 40,000 customer accounts during the three months to end-December, compared with the 50,000 it lost in the previous quarter. It ended the latest quarter with a total of 7.68 million customers.

SSE also said its plans to merge its UK power and gas retail operations with those of npower, owned by Germany's Innogy (>> innogy SE), was on course to be completed by the last quarter of 2018 or the first quarter of 2019.

Power suppliers in Britain have been under pressure from the emergence of small and aggressive rivals as well as being threatened by a price cap on retail prices proposed by Prime Minister Theresa May's government.

Britain's "big six" energy suppliers, Centrica's (>> Centrica) British Gas, Iberdrola's (>> Iberdrola) Scottish Power, E.ON (>> E.ON), EDF Energy (>> Electricité de France), SSE and npower, are all currently struggling.

(Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

Stocks mentioned in the article
ChangeLast1st jan.
CENTRICA 0.52% 145.1 Delayed Quote.6.74%
E.ON 0.70% 9.253 Delayed Quote.1.42%
ELECTRICITÉ DE FRANCE -0.25% 11.95 Real-time Quote.18.14%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.-5.90%
IBERDROLA -0.46% 6.456 End-of-day quote.-0.06%
SCOTTISH AND SOUTHERN ENERGY 0.57% 1423 Delayed Quote.8.14%
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Financials (€)
Sales 2018 39 959 M
EBIT 2018 2 700 M
Net income 2018 1 223 M
Debt 2018 15 479 M
Yield 2018 4,52%
P/E ratio 2018 16,39
P/E ratio 2019 16,11
EV / Sales 2018 0,89x
EV / Sales 2019 0,90x
Capitalization 19 944 M
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Mean consensus HOLD
Number of Analysts 21
Average target price 36,9 €
Spread / Average Target 2,7%
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Managers
NameTitle
Uwe Tigges Chairman-Executive Board & Chief Executive Officer
Erhard Walter Schipporeit Chairman-Supervisory Board
Hildegard Müller Chief Operating Officer-Grid & Infrastructure
Martin Friedrich Herrmann Chief Operating Officer-Retail
Hans Friedrich Bünting Chief Operating Officer-Renewables
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