Profit before tax at SSE has increased by 26.4% annually to £714.5m in the six months to the end of September.

The energy firm’s operating profit also jumped by 24.1% in the same period to £860.2m, attributing this growth to increased contribution from electricity networks and renewables, which delivered over 95% of this figure.

SSE added that its balanced business "provided resilience", with a return to "favourable weather conditions" meant that its renewables profitability offset lower SSE thermal contribution.

It also said it had a strong balance sheet, with 94% of debt fixed at an average cost of 4%.

As a result, SSE now boasts an interim dividend of 21.2 pence per share, reflecting an increase of 6% year-on-year.

The figures come as chief executive at SSE, Alistair Phillips-Davies, announced he was stepping down after serving in the position for 11 years.

Phillips-Davies, said: "This is a strong set of interim results including delivery of higher-quality earnings and the mission-critical infrastructure that shows SSE is at the heart of the clean energy transition.

"We are encouraged by the increasing attractiveness of our main markets and our alignment with the new UK Government's mission to achieve clean power by 2030.

"SSE will be a key delivery partner with our ~£20bn investment programme and the scale and quality of our project pipeline that spans renewables, electricity networks and flexible power plants - which will all be required to make clean power a reality.

"Our unique position gives us exceptional growth opportunities and clear targets that will deliver long-term value to shareholders and society."

Looking ahead, SSE said its expectations remain unchanged for the full year. It added that its renewables contribution is set to increase, with thermal and gas storage profitable expected to be around £200m, reflecting stable market conditions.

Earnings per share guidance for the current financial year are to be provided at a later date.

However, the group said it is on track to deliver 2026/27 earnings per share of between 175 pence and 200 pence.

Equity analyst at Hargreaves Lansdown, Aarin Chiekrie, concluded: "Climate-focused investors will be pleased to hear that renewable energy output rose 45% in the first half. The uplift was helped by increased capacity, higher prices and an easy comparative period as last year’s performance was held back by unfavourable weather conditions.

"Efforts to plant itself at the heart of the clean energy transition have continued at pace, with £1.3bn of investment in the first half. Turbo-charging focus on renewables is a bold and admirable move, but the shift comes with a hefty dose of risk – they’re not always reliable. To some degree, they’re always at the mercy of Mother Nature.

"That’s why more flexible gas-fired plants are still part of the energy mix and can help plug the shortfall in energy output when the wind doesn’t blow in SSE’s favour. These assets were loss-making in the first half, but as consumers fire up the heating over winter months, profits are set to warm up over the second half."

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