May 22, 2024 08:25 GMT
SSE (SSELN Baa1/BBB+/BBB+): FY24 Results
UTILITIES
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• Adj. EBITDA fell 2% YoY, beating consensus by 4%.
• FCF improved YoY to £346mn from -£322mn largely on working capital release, better comp from one offs in 2023. Capex was inline with updated guidance from March.
• Adj. Leverage 3x up from 2.7x YoY mostly driven by cash held as collateral. Targets “within or below” 3.5-4x. Expects to be at the lower end of that range for FY25 on higher capex and investment and trend towards 4x by March 2027.
• Limited guidance for year ahead, medium term targets reiterated. Capex guidance in line with expectations.
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