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SSE records 32% drop in adjusted annual earnings

SSE PLC booked adjusted earnings of 67.1 pence per share for the year ended March 31, a 32% drop from 98.8 pence per share for the year ended March 31, 2018.

Adjusted operating profit fell 27% year over year to £1.14 billion from £1.55 billion, according to preliminary financial results released May 22.

Reported operating profit totaled £1.69 billion, compared with £1.16 billion in the 12 months ended March 31, 2018. Full-year reported earnings on continuing operations improved to 135.2 pence per share from 64.3 pence in the same period a year earlier.

The company generated 30,835 GWh for 2019, down from 33,098 GWh in the previous year.

Reported revenue totaled £7.33 billion, compared with £27.25 billion in the same period a year ago. SSE said it adopted IFRS 15 on April 1, 2018, reducing the group's turnover and cost of sales by £18.99 billion each.

Aside from its financial results, SSE announced the appointment of Katie Bickerstaffe as executive chair of SSSE Energy Services and Gordon Boyd as interim CFO. They will take up their new roles on June 23.