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| SSE profits up after cold weather | |
| (35 minutes later) | |
| Energy supplier SSE has reported a rise in annual profits on the back of cold weather, despite recent disruption to services and a fine from regulators. | |
| The company reported adjusted pre-tax profits of £1.4bn for the 12 months to the end of March, up 5.6% on last year. | The company reported adjusted pre-tax profits of £1.4bn for the 12 months to the end of March, up 5.6% on last year. |
| Cold weather meant average UK household gas consumption rose. But snow and ice also disrupted services in March. | Cold weather meant average UK household gas consumption rose. But snow and ice also disrupted services in March. |
| SSE also received a record £10.5m fine from regulator Ofgem for misleading potential customers. | SSE also received a record £10.5m fine from regulator Ofgem for misleading potential customers. |
| The company also expects to pay out a further £1.5m in compensation to affected customers. | The company also expects to pay out a further £1.5m in compensation to affected customers. |
| 'Unprecedented damage' | |
| SSE's chairman, Lord Smith of Kelvin, said the company had faced "two of the biggest issues" in its history in recent months. | SSE's chairman, Lord Smith of Kelvin, said the company had faced "two of the biggest issues" in its history in recent months. |
| "In consecutive weeks in the early spring of 2013, SSE confronted two of the biggest issues it has had to face since it was formed in 1998," he said. | "In consecutive weeks in the early spring of 2013, SSE confronted two of the biggest issues it has had to face since it was formed in 1998," he said. |
| "The last week of March saw extreme snow falls and ice in the west of Scotland which inflicted unprecedented damage on the electricity network on Arran and Kintyre. Over 500 engineers and other employees from the company were deployed to help restore electricity supplies." | "The last week of March saw extreme snow falls and ice in the west of Scotland which inflicted unprecedented damage on the electricity network on Arran and Kintyre. Over 500 engineers and other employees from the company were deployed to help restore electricity supplies." |
| But more broadly the cold weather helped to boost energy usage. | But more broadly the cold weather helped to boost energy usage. |
| The company said average UK household gas consumption was up 21% over the year, while electricity consumption was up 5%. | The company said average UK household gas consumption was up 21% over the year, while electricity consumption was up 5%. |
| Operating profits at its retail operations were up 27,5% to £410m as a result, despite a fall in the number of energy customer accounts SSE handles in the UK and Ireland. | |
| SSE now has 9.47 million customers, down 80,000 on a year ago. |