Energy generator SSE PLC (LSE:SSE) has raised its earnings guidance by 10p per share after soaring energy prices likely helped it on the way to a bumper year.
Earnings per share should now top 160p, SSE said in a statement, having previously been raised to 150p in January.
“Our balanced business model has performed well in a volatile year, helping to ensure security of supply,” finance director Gregor Alexander said.
SSE is due to report full-year results on 24 May 2023, adding it will likely have delivered record investment of £2.5bn during its 2022/23 financial year, while strengthening its balance sheet and reducing net debt to below £9bn.
SSE did report it had fallen behind planned renewable energy production though, missing targets by 13% in March due to poor weather conditions.
However, margins from electricity production have significantly widened in the past year, meaning the shortfall is unlikely to prevent bumper earnings.