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Scottish & Southern Electric posts record profits

Most have spent the year cursing the British weather, but not those working at Scottish & Southern Electric.

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Although the British public likes complaining about the weather, this year more than most they have been well within their rights to do so. Already midway into May the sun has only made the briefest of appearances, and ice cream manufacturers will have been having many a sleepless night.

Scottish & Southern Electric (SSE) on the other hand will be wondering what they have done to get so lucky. The awful weather over the last year has seen the energy provider react to the 21% increase in consumption by the UK, resulting in profits for its household and business supply section increasing by 27.5%. This increase in consumption, along with some cost-efficiency measures, has helped the company boost profits by 5.6%. Pre-tax profits for 2013 have come in at £1.41 billion – an improvement year-on-year following 2012’s £1.34 billion.

Of course it has not all been smooth sailing for the company, who have recently been fined £10.5 million for mis-selling to UK customers. Its recent figures are bound, therefore, to see a number of outraged politicians comment on the profit margins being run by the firm, and will no doubt increase the general distrust of energy-providing companies.

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