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Energy firm SSE sees profits fall 38%

Patrick Christys
May 23, 2019

If you're an energy user, you're probably used to bad news. You certainly should be.

When was the last time you got a letter from British Gas saying they owe you money? The same day those pigs flew over the frozen River Thames...

But now Scottish energy company SSE could be on the brink.

Annual results have fallen well short of what it hoped for, while it has faced tough competition and rising costs.

In fact, pre-tax profits fell 38% to £725m. 

Can you imagine the mood as SSE when those numbers came back in? The Chief Exec probably had to take himself off a lie down in a dark room. Which, ironically, all of their energy customers will be doing if the company shuts down.

SSE saw household electricity customer accounts drop to 3.46m from 3.82m - while gas accounts fell to 2.32m from 2.53m in 2017-18.

The company is still trying to confirm a buyer for its retail customer division, after a planned merger with rival energy firm NPower collapsed.

SSE shares dropped by 3% after the annual results were announced.

Chief executive Alistair Phillips-Davies said the Perth-based company would continue to invest millions of pounds in green energy projects.

The company also confirmed it has set a deadline for its chairman Richard Gillingwater's departure, saying he will leave his position no later than 31 March 2021.

Mr Gillingwater said: "While our financial results clearly fell well short of what we hoped to achieve at the start of the year, we've made significant progress towards our ambition to be a leading energy company in a low-carbon world."

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