SSE PLC (LSE:SSE) reported lower profits for the past year but upped its dividend 7% as it increased investment spending to a record level and said delivering its £33 billion energy infrastructure plan was "well under way".
Adjusted operating profit for the FTSE 100 electricity networks and renewables group fell 8% to £2.24 billion in the year to March 2026, while reported profit before tax was down 0.7% to £1.8 billion. Adjusted earnings per share dropped 5% to 153.5p.
Capital investment rose 23% to £3.6 billion on an adjusted basis, or 24% to £4.8 billion reported.
SSE recommended a final dividend of 47.3p a share, taking the full-year payout to 68.7p, up from 64.2p the previous year.
The group said financial performance was towards the upper end of guidance despite “macro-economic uncertainty”, helped by strong operational delivery and increasing revenues from regulated electricity networks.
Profits fell after a series of one-off charges, including £157.7 million linked to asset revaluations, £84.7 million of restructuring costs and £77.9 million in asset writedowns.
Profits grew at its SSEN Transmission arm, partly offset by weaker performances in Distribution and Flexibility businesses, where market conditions and outages weighed on earnings.
Chief executive Martin Pibworth said: “This year has demonstrated the strength and resilience of SSE's integrated model.”
He pointed to construction getting underway on five of SSE's 11 major transmission projects and confirmed that turbine installation at Dogger Bank Phase A was completed in February.
For the new financial year, capital expenditure is expected to step up to above £5 billion.
The company reiterated its adjusted earnings targets of 168-193p, with medium-term guidance remaining at 225-250p for the 2030 financial year.
Profits at Transmission and Thermal Generation businesses are expected to rise sharply in the 2027 financial year, helped by higher regulated revenues and increased capacity market payments.
Renewables and distribution earnings are forecast to remain broadly flat, while profits at Energy Customer Solutions are expected to fall as wind-related income continues to unwind.