SSE sees no effect from Covid-19, to continue recommending dividend

Energy giant SSE has said it has not been adversely affected by the Covid-19 outbreak as of yet and still expects to recommend a full-year dividend of 80 pence per share.

The company in January said it expected earnings per share to be at the lower end of the expected 83p to 88p range and is still guiding this ahead of the end of its financial year, which ends on March 31st.

SSE said it would continue to monitor the Covid-19 crisis and its possible impact on the company. It is still targeting a full-year dividend of 80 pence per share for its next financial year but advised that it may review this in the coming months.

It also said it would be reviewing planned operational and capital expenditure.

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The group said it has £1.5 billion of committed bank facilities of which #75 million is currently drawn.

"In common with everyone else, our over-riding priority is supporting efforts to contain and delay the spread of Covid-19 - helping communities, customers and colleagues through this exceptionally difficult time. Across SSE, people are responding with commitment, professionalism and sheer hard work that the Board is proud to be associated with," said finance director Gregor Alexander.

“Covid-19 is having an exceptional human, social and economic impact and dealing with that must be our over-riding priority. Nevertheless, as a clean infrastructure company with first class assets and practical solutions to the critical problem of climate change and achievement of net zero emissions, we remain confident about the long-term opportunities for SSE,” he added.