By Dimitrios Kontos

National Grid PLC (NG.LN) said Thursday that its fiscal 2018 pretax profit rose 24% and that it expects its U.S. business to continue performing well while the U.K. business remains on track to outperform.

The utility company made a pretax profit of 2.71 billion pounds ($3.66 billion) for the year ended March 31 compared with GBP2.18 billion a year earlier.

The company said its profit after tax was GBP3.59 billion, reflecting a GBP1.51 billion tax credit relating to the reduction in the US federal corporation tax rate.

Group revenue rose to GBP15.25 billion compared with GBP15.04 billion in fiscal 2017 and with a consensus forecast provided by FactSet of GBP15.07 billion.

Net profit from continuing operations was GBP2.06 billion compared with GBP1.81 billion a year earlier. The consensus net profit forecast was GBP2.04 billion, according to 13 analysts polled by FactSet.

The company said that the contribution from its Ventures unit is expected to be slightly higher.

The board has proposed an increase of the full-year dividend to 45.93 pence a share compared with 44.27 pence a year earlier, the company said.

Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com

(END) Dow Jones Newswires

May 17, 2018 02:51 ET (06:51 GMT)

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