10th Oct 2022 09:41
(Alliance News) - National Grid PLC on Monday said that during the first half of its financial year it traded in line with expectations, as it continues to focus on its transition to delivering clean energy.
National Grid, which manages the UK's electricity infrastructure, expects to announce its results for the six months to September 30 on November 10.
The company's results will include a full contribution of National Grid Electricity Distribution, formerly Western Power Distribution, following completion of the acquisition in June 2021.
National Grid bought the power-distribution company for GBP7.8 billion from PPL WPD Ltd, a subsidiary of PPL Corp.
The results will include a contribution from Rhode Island up until the completion of sale of the business on May 25 this year.
In May, National Grid completed the sale of its Rhode Island utility business to PPL Rhode Island Holdings LLC for USD3.8 billion. At the time, the company said that the sale was part of its strategy to shift its portfolio focus towards electricity and away from gas.
Based on this, National Grid expects underlying operating profit in UK Electricity Distribution to be more equally weighted half-on-half in the current financial year, with New England being less weighted to the second half than the prior year given the sale of Rhode Island.
Meanwhile, the company expects underlying earnings per share to have a more marginal weighting to the second half than seen in prior years.
In financial year 2022, National Grid recorded a pretax profit of GBP3.44 billion, more than doubled compared to GBP1.66 billion generated the year before. This was on revenue growth of 35% to GBP18.45 billion from GBP13.67 billion. Underlying EPS was 65.3 pence, up 54% from 42.4p.
Shares in National Grid were down 1.3% to 896.20 pence each in London on Monday morning.
By Sophie Rose; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
National Grid