The parent company of energy provider Swalec has reported a profit rise of almost 10 per cent in pre-tax profits to £1.5 billion for the year to April. However, the company insists that current financial climate is still difficult for the energy companies.
The profit for Scottish & Southern Energy (SSE), one of the Big Six energy providers, compares with £1.4 billion for the previous year. The firm defended the profit by saying that it had been boosted by a strong performance in its electricity transmission operations.
Back in March, Scottish & Southern Energy said that it was going to freeze its energy tariffs until January 2016. It also said that it had lost just under 400,000 customers over the course of the year, adding that most of the loss had occurred before the announcement of its two year price freeze.
The Chief Executive of Scottish & Southern Energy referred to the results as a ‘mixed bag’ given a near fall in profits throughout the retail division. He also pointed out that the company’s decision to freeze energy prices will result in a reduction of profits by around £100 million.
SSE’s operating profits from the retail division fell by almost 30% to £292 million. However, the share price on the London Stock Market rose by 0.26 per cent.
If you wish to find out more about Swalec’s fixed energy price tariffs, call the Swalec customer service contact number.