LONDON (dpa-AFX) - National Grid plc (NGG, NG.L) posted 2012 total pre-tax profit of 2.56 billion pounds, lower than 2.62 billion pounds last year.
Excluding the impact of timing and major storms, profit before tax increased 23% at constant currency.
Earnings per share dropped to 56.8 pence from 62.5 pence in the prior year. The company said prior-year earnings per share amounts have been restated to reflect the impact of additional shares issued as scrip dividends.
Revenue was down to 13.83 billion pounds from 14.34 billion pounds a year ago.
Steve Holliday, Chief Executive, said, 'We delivered another year of good underlying financial and operating performance despite the impact of some exceptional weather in the US. At the same time we made further progress developing the business consistent with our strategic priorities, maintaining an appropriate spread and balance of activities to support both long-term growth and dividends.'
Steve Holliday added, '...On the back of a solid all round performance in 2011/12, and reflecting the revenue growth that our regulatory arrangements provide, we maintain a positive outlook for 2012/13, and expect to deliver another year of good operating and financial performance.'
The Board has recommended an increase in the final dividend to 25.35 pence per ordinary share, or $2.0166 per American Depositary Share. If approved, the final dividend will be paid on 15 August 2012 to shareholders on the register as at 1 June 2012.
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© 2012 AFX News
