StockMarketWire.com - Power utility SSE said its first-half profit more than doubled after higher earnings at its distribution and transmission businesses offset a loss at its renewables unit.

Pre-tax profit for the six months through September increased to £1.69 billion, up from £779.4 million year-on-year, and also benefited from mark-to-market revaluation gains on operating derivatives.

Adjusted pre-tax profit rose 30% to £174.2 million.

SSE declared an interim dividend of 25.5p per share, up 4.5% from 24.4p year-on-year and in line with its five-year dividend plan to 2023.

Looking forward, SSE said it expected to report full-year adjusted earnings per share 'at least in line' with consensus of analysts' forecasts of 83p.

'The group has enjoyed a strong start to the second half of the year, with renewables volumes above plan in October, and thermal and hydro plant in particular achieving strong prices in the market,' it said.

Adjusted EPS in the first half rose 44% to 10.5p, just above SSE's guided range of between 7.5p and 10p. Story provided by StockMarketWire.com