SSE business energy profit plummets 93 per cent

SSE’s business energy supply division saw operating profit fall 93 per cent to £2.9m for the six months to 30 September.

The utility cited increased bad debt, lower volumes of energy sold, industry mutualisation and disposals.

SSE said the collapse “reflects challenging market conditions” within business energy supply but said profitability is expected to improve for the full year.

The company’s domestic supply business was excluded from its financial result as its sale to Ovo progresses. It shed 330,000 accounts since September 2018. The firm has now installed 1.5m smart meters.

Overall, SSE reported an adjusted pre tax profit of £263.4m up around 15 per cent.

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