SSE hikes final dividend

21st May 2009 07:04

Utility company Scottish & Southern Energy (SSE) has hiked its final dividend by 9% to 46.2p and said it plans an increase of at least 4% more than inflation for 2009/10.Adjusted pre-tax profit rose by 2% to £1,253.7m in the year ended 31 March on revenue of £25,424m. The group said it is aiming to deliver a moderate increase in pre-tax profit in 2009/10. In a separate statement, SSE said it has reached three significant milestones in the development of its electricity generation portfolio.The group has agreed to acquire Abernedd Power from BP to allow construction of a new gas-fired power station; submitted an application to Scottish Ministers for consent to build a 540MW (megawatt) onshore wind farm on Shetland with its 50:50 joint venture partner Viking Energy; and developed a proposal to construct a pumped storage facility alongside its Sloy hydro electric power station near Loch Lomond for which an application is also being submitted to Scottish Ministers."These developments underline our commitment to renewable energy and are important steps in our long-term investment plans to help meet the UK's energy needs," said chief executive Ian Marchant.