SSE profits surge 9.6% to £1.5bn, fuelling concerns over energy sector

Energy giant SSE has posted annual pre-tax profits of £1.55bn for the year to March 31, marking a rise of 9.6% compared to the £1.4bn recorded the year before.

The surge in profits comes after the company raised prices for its customers by 8.2% last November, then cut them again by 3.5% in March.

Meanwhile, the company lost 370,000 customers over the year, and saw its operating profits from the business drop by 32.2% to £246 million. 

The gas and electricity supplier’s profits have reignited debate over the UK’s energy sector, which remains dominated by the Big Six energy providers of which SSE is one.

In March SSE revealed a price-freeze pledge until 2016. Chief executive Alistair Phillips-Davies described the pledge as “hugely popular”.

“It remains the only such commitment available to customers and will mean we take a hit on retail profits over the next couple of years,” he said.

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