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Britain's SSE to buy back shares worth $127 million

Reuters

(Reuters) - British energy supplier SSE on Wednesday announced a share buyback of up to 100 million pounds of its ordinary shares under a capital return plan it announced in February.

The company, which also reported annual results on Wednesday, said the purchases will be done for three months starting May 22.

SSE's annual earnings fell more than a third as it battled stiff competition and warned of an uncertain outlook due to the opposition Labour party's plans to renationalise Britain's energy networks.

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Bernard Orr)