Britain's SSE lifts annual earnings outlook

An SSE company logo is seen on signage outside the Pitlochry Dam hydro electric power station in Pitlochry
An SSE company logo is seen on signage outside the Pitlochry Dam hydro electric power station in Pitlochry, Scotland, Britain, November 8, 2017. REUTERS/Russell Cheyne

March 30 (Reuters) - British power company SSE Plc (SSE.L) lifted its annual earnings expectations on Thursday, helped by continued strong performance of its flexible generation plant.

"Continued strong performance from flexible generation plant to support security of supply has more than offset the lower-than-planned renewables output and associated hedge buy-back costs," SSE said in a statement.

SSE said it intends to recommend a full-year dividend of 85.7 pence per share plus the retail price index for 2022/23 year, followed by a rebase to 60 pence in 2023-24 to support its investment plans.

The company said it is targeting dividend increases of at least 5% per annum for 2024-25 and 2025-26 fiscal years.

The company said it now expects its 2022-23 adjusted earnings per share to be more than 160 pence, compared with the previous guidance of more than 150 pence.

Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Subhranshu Sahu

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