National Grid profit rises by a quarter following £7bn equity raise
National Grid’s half-year results showed a more than quarter-high rise in profit and earnings ahead of expectations.
The energy operator reported a 26 per cent rise in underlying pre-tax profit to £1.44bn in the six months ended 30 September. Earnings per share rose eight per cent to 28.1 earnings per share.
Operating profit also jumped eight per cent to £2.05bn.
National Grid, which runs a significant swathe of the UK’s electricity system, completed a major £7bn equity raise earlier this year, pumping the fresh capital into an investment plan designed to alleviate strain on the network.
Chief executive John Pettigrew said on Thursday the £60bn investment plan was continuing “at pace.”
“Delivery is well underway with investment increasing to a record £4.6bn in the first half of this year.”
He added: “In the UK, work on our 17 major onshore and offshore transmission projects is moving forward, in consultation with our communities and stakeholders, and we are well progressed in securing the supply chain for all these projects.”
The results also come after National Grid sold its Electricity System Operator (ESO) to the UK government in a deal valued at £630m, including debt.
In July, National Grid also completed the sale of its remaining holdings in National Gas to the investment firm Macquarie.
Pettigrew said the London-listed firm was “delivering a new and exciting phase of growth with an attractive investor proposition underpinned by high quality asset growth, strong earnings growth and an inflation protected dividend.
“We remain focused on playing our role in the energy transition and the responsible delivery of the new infrastructure required to enable the digital, electrified economies of the future.”