10th Nov 2022 09:23
(Alliance News) - National Grid PLC on Thursday lifted its interim dividend and upped guidance.
National Grid, which manages the UK's electricity infrastructure, posted a pretax profit of GBP1.57 billion in the six months to September 30, up 45% from GBP1.08 billion a year ago. Revenue grew 36% to GBP9.44 billion from GBP6.94 billion.
Finance costs rose by 51% to GBP755 million from GBP499 million, while other operating costs increased by 43% to GBP7.70 billion from GBP5.40 billion.
UK Electricity System Operator pass-through costs increased by 81% to GBP1.78 billion from GBP985 million, while pass through costs in New York rose by 90% to GBP1.32 billion from GBP691 million.
The firm increased its interim dividend by 3.7% to 17.84 pence per share from 17.21p.
Chief Executive Officer John Pettigrew said National Grid invested a "record" GBP3.9 billion in the half-year in clean energy infrastructure.
Between 2022 and 2026, it plans to invest up to GBP40 billion in critical infrastructure, up from a previous guidance of GBP30 billion to GBP35 billion. Out of the GBP40 billion investment plan, GBP29 billion will be spent on decarbonisation of energy networks.
Looking ahead, National Grid upped its earnings per share growth target. It now expects EPS to rise in the middle of a new 6% to 8% compound annual growth rate range, lifted from 5% to 7%.
National Grid shares rose 0.8% to 994.00 pence each in London on Thursday morning.
By Tom Budszus; [email protected]
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