National Grid Pretax Profit Rose in Fiscal 2023
May 18 2023 - 2:49AM
Dow Jones News
By Giulia Petroni
National Grid on Thursday said that its pretax profit rose in
fiscal 2023 and reiterated its financial outlook for the five-year
period through to fiscal 2026.
The U.K. energy infrastructure group reported a pretax profit of
3.59 billion pounds ($4.48 billion) in the period, up from GBP3.44
billion a year earlier.
Operating profit rose to GBP4.88 billion from GBP4.37 billion.
On an underlying basis, operating profit was GBP4.58 billion.
National Grid declared a final dividend of 37.60 pence a share,
bringing the full-year payment to 55.44 pence from 50.97 pence a
year earlier.
Looking at 2023-24, the company said it expects underlying
earnings per share to be modestly below 2022-23 levels due to the
U.K. government's change to the capital allowance regime from April
1. This should have a six-to-seven pence per share impact on EPS,
but won't affect the long-term.
The financial outlook over the five year period 2020-21 to
2025-26 remains unchanged, National Grid said.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
May 18, 2023 02:34 ET (06:34 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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