Heading into a long weekend break and the pickings are unsurprisingly slim in terms of corporate news, but utility firm SSE has printed full year numbers this morning. Despite being down on a year ago, the numbers aren’t as bad as expected – earnings per share came in at the upper end of analyst expectations and dividends will be increased by around 3%, too.
Keeping with the theme of utilities, Pennon published results this morning and again there are no surprises to be seen here. Revenues are in line with expectations, giving room for a meaningful 7% uptick in dividend payments. The company is committed to increasing dividends by 4% over inflation from 2010 to 2020 – that’s certainly a welcome boost for investors, but with the cost of doing this ultimately coming from utility consumers, it’s not necessarily a universally popular choice.
Capita has announced this morning that its rights issue has been a success, with over 97% acceptance amongst shareholders. This will be a sigh of relief, although questions must surely remain over the longer term viability of large outsourcing businesses like this. Proper execution of a long term strategic review is necessary.