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SSE reported good earnings with operating profit down by 3% vs last year as expected due to a decline in the gas storage activities and higher operating costs in distribution not offset by a 200% surge in SSE thermal. The FY23/24 guidance was confirmed whilst the 2027 capex programme has been increased by £2.5bn dedicated to transmission.
Companies: SSE plc
AlphaValue
SSE reported higher than expected FY22/23 earnings with SSE Thermal as the main contributor. The business unit tripled its operating profit from £300m to more than £1bn propelled by price, volume and perimeter effects. The group nevertheless indicated that this level of income will be adjusted downwards to around £750m in the following year.
Scottish and Southern Energy Plc reported a very encouraging Q3 trading statement for 2022/2023, highlighting an adjusted earnings per share of more than 150 pence, higher than the expected 120p. The Scottish group confirmed that it is on course to deliver a record year in terms of investment of at least £2.5bn, and its resilient and robust business model.
Scottish and Southern energy beat estimates over the period, amidst soaring energy prices and higher thermal generation and gas storage. The Networks segment also played its part with the increasing number of new generation assets connected to the grid. The group confirmed the full year guidance from May 2022, with at least 120p expected, and also renewed its ambitious investment plan by investing four times more than it makes in profits to boost UK energy security and sustainability.
A strong set of results from SSE that both beat expectations for the FY21/22 results and increased mid-term guidance by FY26. The thermal fleet obviously recorded very strong earnings but a material acceleration in networks, more sustainable, is a positive. The dividend also came in higher-than-expected, at 85.7p. However, the threat of a windfall tax in the UK is beginning to emerge. Even if only at the rumour-stage for now, the risk is high and potential impacts could be material.
In a context of adverse weather conditions for renewables leading to low output (-15.6% yoy), SSE has been able to rely on its thermal and hydro assets to benefit from the favourable energy prices and to boost its performance over the first 9M of the fiscal year. As a result, EPS guidance is improved from ‘at least’ 83p to ‘at least’ 90p, ahead of analysts’ expectations. Capex, net debt and dividend are confirmed to be in line with our expectations.
Apart from the H1 21/22 results being in positive territory, SSE particularly disappointed with its new 2026 strategic update. The group intends to invest £12.5bn by 2026 to increase its renewables asset base by 4GW and increase its electricity network RAV to £9bn. This appears conservative, especially with regards to renewables, not to mention that the funding of the plan requires a dividend cut. We would have liked more aggressiveness on renewables. Negative view confirmed.
Following the disposal of multifuel assets, SEE’s EPS soared by 5.3x for the 2020/21 March-ending fiscal year. £878m extra gains on disposals offset a £170m negative impact on EBIT from the pandemic. The adjusted figures were, however, in line with the consensus, and slightly above our expectations, driven in particular by a strong performance from offshore wind. The long-term guidance was confirmed, but no precise outlook was given for FY21/22. Expect upwards adjustments to our estimates.
Good set of FY19/20 results (to 31 March). On the back of the restoration of the capacity market payments in the UK and a strong performance in the renewables activities, offsetting the slight decrease in network activities, earnings per share increased by more than a third.
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Companies: SSE HL/ SAVE
Capital Access Group
SSE realised a good set of H1 19 results, driven by new renewables capacity and favourable weather conditions. However, the transmission and distribution activites decreased sharply, but were partially compensated by the good results in gas distribution. The group increased by 3.6% the mid-point of the FY20e EPS guidance.
SSE released a weak set of FY results, lower than our estimates. Network segment was the only one to grow, but not enough to compensate for the decrease in Wholesale and Retail. The group reiterated its five-year dividend plan.
SSE reported a weak set of H1 results, in line with the September profit warning. Adjusted operating profit was down 24%, to €448m on the back of lower renewables output and losses in the group’s EMP activities, due in part to a losing short position on gas prices. The group reiterated its five-year dividend plan.
SEE released a disappointing set of Q1 results, hampered by poor wind conditions in early June, higher gas prices and warmer weather. The 97.5p dividend has been confirmed. The demerger of SSE Energy Services is still expected to be completed by year end.
Research Tree provides access to ongoing research coverage, media content and regulatory news on SSE plc. We currently have 0 research reports from 5 professional analysts.
Renewi has made a solid start to the year with no change to guidance. It is clearly well placed in the growing circular economy and exiting the UK Municipal business provides a simpler investment proposition. We believe the key for the shares will be progress towards management’s medium-term financial targets, in particular at least 5% organic growth and operating margins of 8–10% (FY24: 6.2%).
Companies: Renewi Plc
Edison
SDI’s FY24 results, released this morning, confirm that while markets have experienced headwinds from inflationary pressures, and customer destocking issues linger, overall performance has been resilient. We note improving cash generation, with £3.8m of free cash flow in H2. Net debt was flat at £13.2m (FY23: £13.3m) after acquisition spend of £3.4m. Despite the unwinding of inflated Covid demand, SDI has made strategic and operational progress, with a strong team in place to support the next ph
Companies: SDI Group plc
Progressive Equity Research
Companies: Costain Group PLC
Panmure Liberum
Water Intelligence has announced a refinancing and expansion of its credit facilities with its existing lender M&T Bank which provides additional non-dilutive funding to execute its strategic growth plan.
Companies: Water Intelligence plc
Dowgate Capital
Poor reporting relating to the newly acquired Pinnacle Renewable Energy during FY 22 has resulted in a £25m redress payment for Drax by Ofgem but the regulator has found no evidence that ROCs were issued incorrectly. More importantly, Drax is now compliant with the reporting requirements and will additionally add an external audit process on biomass profiling. We see this as drawing a line under historic issues and should give comfort that the company now has the process in place to comply with
Companies: Drax Group plc
Longspur Clean Energy
Companies: Eneraqua Technologies PLC
Companies: Yu Group PLC
Joiners DSW Capital plc (DSW.L) a profitable, fast growing, mid-market, challenger professional services network joins AIM. DSW operates a licencing model and licences the DSW and associated brand names in return for a royalty based on a percentage of fee income. Public Policy Holding Company (PPHC.L) leading bi-partisan, full-service US government affairs business joins AIM. Through its wholly-owned companies, PPHC operates a portfolio of independent firms that offer public affairs, crisis mana
Companies: OHG RUA SAR ZOO PCA CCS SRC GDLF
Hybridan
21 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec
Companies: SLP AXL BGO ZOO VRS SPR
14th July 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti
Companies: ONEM JSG ZOO HUW SML SAV VRS
Judges Scientific is a group focused on acquiring and developing companies in the scientific instrument sector. Following Judges’ H1 business update back in July, it’s pleasing to see that Judges’ ability to execute outstanding and earnings enhancing deals is unhindered (Magsputter acquisition on 15/8). Further, an announcement today confirms Geotek has signed the anticipated coring contract that will be recognised in FY2025, providing a significant underpinning to the coming year. Back on the
Companies: Judges Scientific plc
Zeus Capital
Companies: Kinovo PLC
Canaccord Genuity
Companies: PCIP SNG TIME LBE MPL DUKE
Cavendish
With FY24 guidance reiterated, we maintain our existing forecasts. Interims show the weaker trading experienced, as recently flagged at its pre-close update. Poor weather conditions in N. America and Australia have impacted performance, with other known issues such as concrete availability and elevated interest rates also affecting customer demand for new equipment. Management cost action should help mitigate the effect of revenue weakness. Somero remains a high-quality business with attractive
Companies: Somero Enterprises, Inc.
Morgan Sindall (LON:MGNS) operates in construction and regeneration, with activities in partnership housing, UK infrastructure, office fit out, and general construction. Morgan Sindall (LON:MGNS) operates through six divisions: Construction & Infrastructure, Fit Out, Property Services, Partnership Housing, Urban Regeneration, and Investments.
Companies: Morgan Sindall Group plc
Proactive