SSE PLC on Wednesday reported a swing to loss for financial 2023 on a net adverse fair value movement on derivatives but saw revenue jump.

In the financial year that ended March 31, the Perth, Scotland-based electricity utility said revenue rose 44% to £12.49 billion from £8.70 billion a year earlier.

Particularly in SSE Thermal & Gas Storage, revenue increased 79% to £1.34 billion from £749.6 million.

However it swung to a pretax loss of £205.6 million from a pretax profit of £3.48 billion a year ago.

SSE explained that the loss was due to net £2.3 billion adverse fair value movement on derivatives.

Operating costs increased to £1.66 billion from £820.1 million the year before.

Adjusted earnings per share was 166.0p, up 75% from 94.8p. This beat guidance of 160p released at the end of March.

Chief Executive Officer Alistair Phillips-Davies said: ‘Through delivery of our societally-aligned strategy we are accelerating the build-out of renewables, reinforcing the networks needed to decarbonise, providing much-needed flexible generation, and working hard to ensure no-one is left behind in the transition to net zero. The results that we have reported today are profits with a purpose. We are creating value for all of our stakeholders and our investments exceed our earnings.’

SSE proposed a final dividend of 67.7p, bringing the full year dividend to 96.7p, up 13% versus 85.7p year-on-year.

Looking ahead, SSE said it expects to report financial 2024 adjusted earnings per share of more than 150p.

Shares were up 1.4% at 1,895.00 pence each on Wednesday morning in London.

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