SSE announces full year 2023/24 financial results

Invested £2.5bn in world-class energy infrastructure

We have published details of our full year 2023/24 financial and operational performance.

We are one of the largest producers of renewable energy in the UK and Ireland as well as operating electricity networks and thermal power plants. We reported:

• Adjusted operating profit of £2.4bn (-4%)
• Adjusted earnings per share of 158.5p (-5%), towards the top end of guidance
• Investment of £2.5bn in delivering critical energy infrastructure including:
• Full power at Seagreen, the world’s deepest fixed bottom offshore wind farm;
• First power at Dogger Bank, the world’s largest wind farm;
• Final commissioning under way on both Viking onshore wind farm and Shetland subsea transmission link, connecting the islands to the GB grid for the first time;
• Construction starting on c.500km Eastern Green Link 2 subsea transmission cable, the largest in the UK
• Total Recordable Injury Rate for employees and contractors increased to 0.20 from 0.19 in 2023; opened Scotland’s first immersive safety training centre
• Supporting 56,000 direct and indirect jobs across the UK and Ireland and adding £6.9bn to UK and Irish GDP

"This is a strong performance where we have delivered essential energy infrastructure, benefited from the resilience of our business model, and made disciplined investment in our excellent growth opportunities.

Renewables, flexible power and electricity networks are the building blocks of a cleaner and more secure energy system. With world-class assets and capabilities, and enhanced visibility of growth in transmission, SSE is ideally placed to benefit from this structural trend, creating value for shareholders and society. 

Our immediate focus is on delivering our financial and operational growth targets out to 2026/27 and we are on track to do this, converting our premium organic project pipeline into high-quality sustainable earnings.

More broadly we continue to see a path to investing c.£40bn this decade assuming a supportive policy environment, helping speed up the clean energy transition and creating and supporting thousands more good jobs in the process."

SSE Chief Executive Alistair Phillips-Davies

Financial performance by business unit

Operating profit of £2.4bn was down 4% year-on-year reflecting lower volatility and energy prices that impacted the performance of the Thermal and Gas Storage business. This was partially offset by higher Renewables volumes as the business benefited from capacity additions including Seagreen offshore wind farm reaching full operations.

In electricity networks, Transmission benefited from an increase in allowed revenues as it ramps up investment while Distribution was impacted by the timing of the recovery of inflationary cost increases.

2022/23 segmental numbers restated reflecting movement of Solar and Battery business to SSE Renewables, previously reported in SSE Enterprise. Excluded discontinued operation contributed £nil to Reported profit for the period ended 31 Mar 2024 (31 Mar 2023: £35.0m profit).

Generating value for communities

As one of the largest capital investors in the FTSE-100 SSE makes a major contribution to communities in the UK and Ireland.

In the past year the Group contributed £6.8bn to UK and Irish GDP.

This included supporting over 56,000 jobs both directly and in our supply chain.

Total Recordable Injury Rate for employees and contractors increased to 0.20 from 0.19 in financial year 2023 at a time of increased construction activity.  The Group continues to invest in improving safety across the industry including opening Scotland’s first immersive safety training facility which is expected to support 7,000 people a year.

View our FY2023/24 results statement.