Scottish & Southern Energy announces results

Scottish & Southern Energy (SSE) announced its results for the year to 31st March 2009. The results are impressive as the company has been able to achieve ten years of successive increased profits and dividends. Adjusted pre-tax profits rose by 2% to 1,235.7 million pounds on revenue of 25.4 billion pounds. Earnings per share rose by 2.3% to 108p. The group hiked its final dividend by 9% to 46.2p resulting in a total dividend for the year of 66p, leaving the shares yielding a healthy 5.7%. SSE added that it plans to increase its dividend by at least 4% more than inflation for 2009/10 and it is aiming to deliver a moderate increase in pre-tax profits. Chairman Lord Smith of Kelvin said: "2008/09 was a tough year, dominated in the first half by very high wholesale prices for electricity and gas. Throughout, SSE managed its business in its usual no-frills way." Despite the promises of further increases in dividend payments, shares in the company slipped by 7p to 1,148p.