SSE has confirmed it will pay a final dividend this year despite taking a hit of up to £250 million from coronavirus.
The Perth-based energy group said the impact on operating profit for the first quarter was in line with expectations and predicted that it would cost of £150-250 million over the course of the full financial year.
Over the three months to June 30, the company fell short of it projected energy generation targets for onshore and offshore wind, conventional hydro electric and pumped hydro. But output was up year on year at SSE Thermal, its gas-fired energy-from-waste business.
In a trading update, SSE said it would continue with its five-year dividend plan to 2022/23, including an 80p + RPI full-year dividend for 2020/21. In November 2020 it plans to pay a 24.4p interim dividend.
Chief executive Alistair Phillips-Davies said: "Throughout the first quarter of 2020/21, our key workers continued to support the national coronavirus response by supporting the safe and reliable supply of electricity.
"Whilst the wider economic implication of the coronavirus continues to impact on the business, we've been investing in the green economic recovery and progressing our £7.5 billion capex plan of low-carbon investments, primarily in renewables and electricity networks.
"At the same time, we are delivering the comprehensive financial plan we set out last month at our full year results, continuing work on our disposal programme and successfully issuing over £1 billion in hybrid bonds.
"Although the key months of our financial year are still ahead of us, the steps we are taking leave us well placed to deliver on our financial objectives of promoting the long-term success of the company and paying dividends."
