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

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.