SSE expansion

Scottish and Southern Energy (

) has reported a two per cent rise in adjusted full-year profits, and said it will be pushing ahead with plans to expand in the UK.

The Perth-based gas and electricity provider reported adjusted pretax profit was up to £1,25bn from £1,23bn a year earlier, and increased its dividend payout for the full year to 66p, up 9.1 per cent.

Commenting on the results, chairman Lord Smith of Kelvin said: ‘At a time of financial, economic and energy market turmoil, a company’s ability to deliver profit and dividend growth has never been more important.

'These results mean that SSE has achieved 10 successive years of increasing profits and dividend.'

Lord Smith added that the high wholesale prices for gas and electricity in the first half of the year had impacted on the group’s performance, however, he was confident that the group’s ‘no frills’ approach would overcome these difficulties in order to further expand its electricity generation portfolio.