SSE to announce huge losses

Giles Babb, landord of The Blue Bell

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THE company that keeps the lights on for Portsmouth’s homes and businesses is expected to announce a half-year loss of about £100m tomorrow.

SSE, which as well as being an energy supplier also maintains the region’s power distribution network, was the first of the major suppliers to announce tariff increases last month, raising prices by an average of 8.2 per cent.

The retail division of SSE made a profit of £75.7m over the same period in 2012.

It increased annual profits at its household retail arm by 28 per cent to £410.1m in the year to March as gas consumption rose by a fifth.

Overall pre-tax profits climbed to £1.41bn.

But in a trading update earlier this year, it revealed that it made a loss on its retail operations in the six months to the end of September as wholesale prices rose.

Analysts at Exane BNP Paribas expect to see a loss of £100m for the division over the period this year, and group pre-tax profits down 19 per cent to £321m.