21st May 2015 06:26
LONDON (Alliance News) - National Grid PLC Thursday reported profit before exceptional items that beat analyst expectations but said pretax profit after those items fell.
The power grid operator increased its dividend as expected, but not as much as analysts had forecast.
The FTSE 100-listed company reported a profit before tax of GBP2.62 billion in the year ended March 31, down from GBP2.74 billion a year earlier. Before exceptional items and remeasurements, pretax profit rose to GBP2.87 billion from GBP2.58 billion, as revenue experienced a lift to GBP15.20 billion from GBP14.80 billion. Pretax profit before exceptional items beat analyst expectations.
Its closely watched operating profit came in at GBP3.78 billion, representing a small lift from the GBP3.75 billion in the previous financial year. Before exceptional items, operating profit totalled GBP3.86 billion, up from GBP3.66 billion.
Earnings per share before exceptional items came in at 59.6 pence, up from 54.4 pence. This comfortably beat analyst expectations, which estimated EPS of around 55.7 pence.
National Grid will pay a final dividend of 28.16 pence per shares, up from 27.54 pence and leading to a full-year dividend of 42.87 pence, up 2% from 42.03 pence. This was slightly lower than the analyst consensus expectations.
"National Grid delivered another successful year. Overall, our businesses achieved a strong operating performance and we developed new strategic growth opportunities in transmission and interconnection," said Chief Executive Steve Holliday.
"We finished the year in a solid position, with a strong cash flow performance, good growth in our asset base and healthy gearing. We are on track with our programme of rate filings, operational efficiencies and enhancements to customer service. At the same time, we continue to invest in our UK and US businesses, driving organic growth, which together with strong returns, support our commitment to a sustainable, growing dividend," said Holliday.
By Joshua Warner; [email protected]; @JoshAlliance
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