SSE has become the latest energy supplier to haemorrhage customers in the face of tougher competition.
Britain’s second biggest power firm lost 430,000 household customers, or 6 per cent, taking the total down to 6.8 million, in the year to March 31. It was also hit by costs related to its plan to merge its retail arm with rival Npower.
Loss of power: Britain’s second biggest power firm lost 430,000 household customers, or 6 per cent, taking the total down to 6.8 million
Profits fell 39 per cent to £1 billionn, with last year’s profits flattered by the sale of its gas distribution firm. With exceptional items stripped out, profits fell 6 per cent to £1.5 billion.
SSE plans to pay a full-year dividend of 94.7p, up 3.7 per cent, and is targeting 97.5p for 2018/19. After that, however, it plans to cut it to 80p for 2019/20, the first cut in its history.
The UK energy market is under pressure amid concerns over unfair pricing, with a cap on certain tariffs expected to be introduced this year.