Parent Of Big Six U.K. Retail Supplier Assessing Retail Supplier's Future, Held For Disposal
In a trading update, SSE confirmed the options that SSE is assessing for the future of U.K. retail supplier SSE Energy Services, "which remains held for disposal."
SSE stated, "SSE Energy Services is expected to be profitable and cash flow positive (excluding working capital movements) in 2018/19 and 2019/20 and continues to deliver strong performance for customers, across a wide range of measures. These include ranking second of 34 suppliers in the recent Citizens Advice energy supplier performance rankings, industry-leading performance on Guaranteed Standards and ranking best for complaint handling in Ofgem's 2018 customer satisfaction survey."
SSE stated, "SSE believes that SSE Energy Services will be best positioned to build on this strong performance in a future outside of the SSE group. With that in mind, SSE is continuing to build on the significant work done to date to separate SSE Energy Services as an independent, self-sufficient entity within the group, in preparation for its future outside it."
SSE stated, "Future options are now being assessed for SSE Energy Services. These include: a standalone demerger and listing on either the premium or the standard listing segment of the Official List; a sale; or an alternative transaction. If none of the other options is viable SSE may retain Energy Services as a separate, ring-fenced business within the SSE group that would be expected to be cash flow positive. These options are being assessed, taking into consideration the best interests of customers, employees and shareholders, and with the support of external advisers. SSE will provide a further update on the progress of its assessment of the options by the end of March 2019."