Brent crude oil futures are higher this afternoon (November 14th) as SSE – one of the UK's biggest energy suppliers – announced that its half-year profits have advanced by 38.3 per cent.
The firm made £397.5 million in the six months to the end of September, which is compared to the £287.4 million in the same period last year.
SSE stated that the increase reflects market conditions.
The company is in line with other major energy providers, as it raised its gas and electricity prices by around nine per cent in October.
Chairman of SSE Lord Smith of Kelvin said: "Higher gas and non-energy costs unfortunately had to be reflected in the increase in household energy prices."
SSE estimates it lost some 1.5 per cent of its customers – around 115,000 households – during the six months its profits advanced and it believes this is because it raised its prices before its rivals did the same.
At 16:20 GMT, Brent Crude Oil Futures on the ICE Futures Europe index rose by 0.8 per cent to $109.08 per barrel.
Learn all about CFD trading strategies and the commodities market at City Index.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.