National Grid reports solid full year progress

FTSE 100-listed electricity and gas firm National Grid revealed a solid increase in annual pre-tax profit after a continued strong performance from the UK and progress at its US operations.

FTSE 100-listed electricity and gas firm National Grid revealed a solid increase in annual pre-tax profit after a continued strong performance from the UK and progress at its US operations.

Total pre-tax profit increased to £2.9bn for the year ended March 31st 2013 from £2.6bn a year earlier. Revenue for the year increased to £14.36bn from £13.83bn before. Total operating profit rose to £3.75bn from £3.54bn.

The group said it expects to deliver another year of good operating performance and dividend growth.

Chief Executive Steve Holliday said: "This has been an important year for National Grid with the successful conclusion of several major strategic priorities. During the year we secured significant regulatory outcomes, covering over 80% of our asset base, creating much greater clarity for our businesses."

"At the same time, we delivered a record operating profit and robust cash flow performance despite another year of significant storms in the US. As a result, we have built a strong platform from which to deliver organic growth and support our new dividend policy."

Basic earnings per share increased to 62.6p from 55.6p before.

Looking ahead Holliday added: "In the UK, we are positioned to make a strong start to the new eight year regulatory regime. We are focused on meeting our regulatory commitments by operating efficiently and investing in essential infrastructure, while delivering high standards of customer service, driving good returns for shareholders."

"In the US, we are focused on securing the benefits of our recent rate agreements and investment in new systems while delivering enhanced customer service and network growth which will help us to build on our significant progress to date."

"Overall, we expect to deliver another year of good operating performance and dividend growth."

National Grid has recommended a final dividend of 26.36p from 25.35p a year earlier.

The group said the outlook for its UK Transmission for the full year 2014 is positive, but impact of timing adjustments is expected to create some headwinds for the comparative performance.

CJ

Recommended

Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021
Trading: stash the family cash in this cheap wealth management firm
Trading

Trading: stash the family cash in this cheap wealth management firm

Wealth management is a growth market. Rathbone Brothers should be a prime beneficiary – and looks cheap. Matthew Partridge explains the best way to pl…
12 Oct 2021

Most Popular

How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
How to invest in SMRs – the future of green energy
Energy

How to invest in SMRs – the future of green energy

The UK’s electricity supply needs to be more robust for days when the wind doesn’t blow. We need nuclear power, says Dominic Frisby. And the future of…
6 Oct 2021
The after effects of the gas-price shock
Economy

The after effects of the gas-price shock

In the wake of the recent spike in the natural gas price, we can expect slower growth, an industrial recession – and a newly assertive Russia, says Ma…
17 Oct 2021