SSE profits up as prices set to rise

SCOTTISH Hydro-owner SSE yesterday predicted it would report “significantly higher” interim pre-tax profits.

The Perth-based utility, which will hike domestic gas and electricity prices by 9 per cent next month, said the networks, retail and wholesale parts of its business were all trading profitably

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In the same period in 2011, its energy retail division had recorded an operating loss of almost £100 million.

Finance director Gregor Alexander said market conditions remain challenging but that SSE remained on course to achieve its objective of delivering a dividend increase of at least 2 per cent more than inflation. The update ahead of results for the six months to 30 September saw shares close down 2p at 1,392p.