SSE PLC (LSE:SSE) has announced chief executive Alistair Phillips-Davies is to retire from the energy firm after a jump in profit over the first half of the year.
Phillips-Davies will step down in 2025 when a successor is recruited, having led the company for over 11 years, SSE said on Wednesday.
This comes after adjusted operating profit surged 24.1% to £860.2 million over the six months to September, a separate statement showed.
Per share earnings jumped 34.6% to 49.8p on an adjusted basis, with an interim dividend of 21.2p being declared, marking a 6% increase on the first half of 2023.
“We are encouraged by the increasing attractiveness of our main markets and our alignment with the new UK government's mission to achieve clean power by 2030,” Phillips-Davies commented.
Renewable energy output climbed from 3.8 to 5.4 terawatt hours during the first half, while profit from the wing increased 287% to £335.6 million.
SSE’s gas storage and thermal divisions recorded losses of £84.8 million and £9.0 million respectively as energy prices normalised and due to seasonal effects.
Adjusted profits were also recorded in SSE's business, Irish and energy market divisions, while a £90 million loss was recognised in its enterprise wing as a restructuring got underway.
Some £1.3 billion was invested during the half, up 22.6% year on year, as debt climbed by 10.1% to £9.8 billion.
SSE added it remained on course to generate 175p to 200p in adjusted per-share earnings by 2027.
“Alistair has been an exceptional chief executive,” chair John Manzoni added, “there will be a smooth and orderly transition [...] and of course our net zero aligned strategy remains unchanged”.