|Bid||1,338.50 x 0|
|Ask||1,339.00 x 0|
|Day's range||1,318.50 - 1,344.00|
|52-week range||1,057.50 - 1,703.00|
|Beta (5Y monthly)||0.44|
|PE ratio (TTM)||N/A|
|Earnings date||17 Jun 2020|
|Forward dividend & yield||0.80 (6.01%)|
|Ex-dividend date||23 Jul 2020|
|1y target est||1,324.00|
The company turned its focus to renewable power generation and networks after selling its household energy supply and services arm to OVO Energy at the beginning of the year in a deal worth 500 million pounds. "We have put in place a comprehensive plan to achieve the related objectives of sustaining the dividend payments which provides vital income for people's pensions and savings," Richard Gillingwater, SSE chairman, said in a statement. More than 100 British companies, including retailer Marks and Spencer <MKS.L> and broadcaster ITV <ITV.L>, earlier this year postponed or ditched dividend payments to preserve cash because of the economic fallout from the novel coronavirus..
"We are seeing a rapid increase in customers using digital channels to engage with us ... we are expecting a permanent reduction in demand for some roles, whilst other field-based roles are also heavily affected," said OVO Chief Executive Stephen Fitzpatrick. The job losses would affect positions across both the SSE Energy Services and OVO Energy brands and would largely be achieved through voluntary redundancies over 2020, OVO said. OVO said it had been engaging with trade unions and had agreed not to proceed with moving some roles offshore.
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British utility SSE <SSE.L> on Wednesday warned of challenges for energy firms due to the election next month and opposition Labour Party plans to nationalise some energy infrastructure, as it reported a higher first-half adjusted pretax profit. Labour has pledged to nationalise energy networks and also set up a state-owned company to develop and own stakes in the country's offshore wind farms if it wins power in the Dec. 12 election, plans that SSE says could make it more difficult to develop new projects. Labour's plans would be hugely disruptive for the industry and could risk the UK's leadership position in offshore wind, Alistair Phillips-Davies, SSE CEO said in a telephone call with journalists.
Investing.com -- Here is a rundown of the regulatory news releases from the London Stock Exchange on Wednesday, 13th November. Please refresh for updates.
The UK's Competition and Markets Authority (CMA) said on Thursday it would investigate whether OVO Energy's 500 million pound ($646 million) deal to buy power company SSE's <SSE.L> retail arm will lessen competition in the sector. The deal if approved would create the country's second- largest energy supplier with around 5 million household customers, behind Centrica's <CNA.L> British Gas. "We have long believed that a dedicated, focused and independent retailer will ultimately best serve customers, employees and other stakeholders," Alistair Phillips-Davies, SSE chief executive, said via email.
A European Union court ruling last year forced Britain to halt payments under its capacity market scheme, which pays generators to be available during periods of high demand, pending a review by the European Commission. SSE, one of Britain's so-called Big Six energy firms, said the continuing suspension of the payments meant the company was unable to recognise pending payments totalling 148 million pounds. The European Commission launched the review of Britain's capacity market scheme in February but industry experts have said this could take 12 months to complete.
SSE's retail energy business is the third-largest supplier of the "big six" in the British market, supplying energy and related services to around 3.5 million household customers. Ovo, set up only 10 years ago, has expanded to be Britain's largest independent energy supplier, with 1.5 million customers. The deal comes after SSE and Germany's Innogy scrapped plans last year to merge their British energy retail operations.