No FY EPS guidance until later in year In its 1H21 trading statement, SSE has indicated that it continues to perform well operationally, and has updated on a few metrics. In line with previous guidance, SSE continues to expect the adverse effects of coronavirus on its 2020/21 operating profit to be in the range of £150-250m before mitigation, with the greater impacts likely to be experienced in the first six months of the financial year, at around £120-130m, none of which will be treated as exceptional. In its Q1 Trading Statement, SSE stated that output from renewable sources was15% below plan for the quarter to 30 June 2020. For the period to 21 September 2020, output is 9% below plan. This shortfall remains 3% of expected annual output. SSE expects to report adjusted earnings per share in the range 10-12.5p for 1H21, vs. 18p in 1H20. With the ongoing uncertainties about the shape of economic recovery and the effects of coronavirus, SSE has not yet provided FY EPS guidance, and intends to do so later in the year. SSE continues to expect to recommend a full-year dividend of 80 pence plus RPI inflation. In line with that, and based on RPI of 1.5%, an interim dividend for 2020/21 of 24.4 pence is expected to be paid in March 2021. Strategy execution progressing SSE is progressing its £7.5bn investment plan, reaching financial close for both the Seagreen offshore wind farm and the Viking onshore wind farm in Shetland. Development of Dogger Bank offshore wind continues, with the process to sell an equity stake under way and confirmation of a contract with GE to supply the ground-breaking 13MW Haliade-X turbines. The project progresses towards financial close. As part of a £2bn capital recycling programme, SSE is selling its financial interests in the Walney offshore wind farm for £350m and has reached an agreement to sell its stake in the meter asset provider MapleCo for around £90m.