SSE reports 5.6% rise in profits - Utilities - News - Moneyfacts

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SSE reports 5.6% rise in profits

SSE reports 5.6% rise in profits

Category: Utilities

Updated: 23/05/2013
First Published: 23/05/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Profits for the energy supplier SSE grew in the twelve months to March this year as harsh weather conditions saw millions reaching for the thermostat.

Pre-tax profits at the provider rose to £1.4 billion, reflecting a 5.6% increase compared with the previous year.

The news follows rises in profit for a number of providers over the past few months.

The National Grid announced last week that it had made a £2.7 billion profit on revenues of £14.4 billion, resulting in a margin of 19%, whilst in February, the owner of British Gas, Centrica, confirmed it had made an adjusted operating profit of £2.7 billion during 2012, up by 14% from 2011.

Bosses of energy providers have maintained that profit gains and price rises are not connected, despite all of the UK's major energy companies hiking up their costs during the winter months.

Mark Todd, director of energyhelpline, said: "Most customers continue to overpay needlessly for their energy. Only a few million homes are on the best deal possible, with over 20 million still overpaying.

"With price rises likely in the autumn, a fixed tariff is generally the best option for many customers. These can save customers around £230 a year now, but following price rises could easily save more than double that over the lifetime of the tariff," he explained.

What next?

Switch today! and save up to £331* on your gas and electricity

* At least 10% of customers who used energyhelpline to switch their gas and electricity between 1 January 2011 - 23 August 2012 saved £331 a year or more.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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