LONDON (dpa-AFX) - National Grid plc (NG.L) reported that its profit before tax for the six months ended 30 September 2021 climbed to 1.08 billion pounds from 583 million pounds last year.
Earnings per share from continuing operations were 10.5 pence, down 25% as a result of the remeasurement of deferred tax balances at the new UK rate of 25% which comes into effect from 1 April 2023.
Profit Attributable to Equity shareholders of the parent for the period declined to 474 million pounds or 13.2 pence per share from 601 million pounds or 17.0 pence per share in the previous year.
Revenue for the period grew to 6.94 billion pounds from 6.06 billion pounds in the prior year.
From 2020/21 through to 2025/26, the company expects compound annual growth rate in underlying earnings per share to be in the 5 - 7% range, including long run average scrip take up of 25% per annum, which will underpin sustainable, progressive dividend policy into the future.
Given the strong start to the year, the company now expects to deliver full year underlying earrings per share significantly above the top end of 5 - 7% range. This is primarily driven by early commissioning of our new NSL interconnector, coupled with higher auction prices across interconnector portfolio, which is expected to deliver around 100 million pounds higher operating profit.
The Board has approved an interim dividend of 17.21 pence per ordinary share. This represents 35% of the total dividend per share of 49.16 pence in respect of the last financial year to 31 March 2021. The interim dividend is expected to be paid on 19 January 2022 to shareholders on the register as at 3 December 2021.
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