![]() “A record £7.7bn has been invested in building clean, smart energy infrastructure and maintaining world class reliability across our networks. “This has been another year of significant progress and strategic change for National Grid with good results demonstrating excellent execution against our key priorities,” said chief executive officer John Pettigrew. Still, the firm said iti expect]ed no long-term economic impact from the change, adding that without the alteration, underlying earnings per share were forecast to grow within the targeted 6% to 8% compounded annual growth rate range between 20, assuming a sterling-dollar exchange rate of $1.20. The change was projected to have an impact of 6p to 7p per share. However, for the 2024 financial year, National Grid said it anticipated that underlying earnings per share would be slightly below 2023 due to the UK government's recent change to the capital allowance regime, effective from 1 April. The firm said it was aiming to maintain credit metrics consistent with its current group rating, while its regulatory gearing was expected to remain in the low 70% range after completing all three transactions. The company said it was planning to make a total cumulative capital investment of up to £40bn, aiming for an asset growth compounded annual growth rate of 8% to 10%, backed by a strong balance sheet.Īdditionally, it anticipated driving underlying earnings per share compounded annual growth of 6% to 8% based on the 2020-2021 earnings per share baseline of 54.2p per share. ![]() Looking ahead, National Grid's financial outlook and guidance for the five-year period to 2026 remained unchanged. National Grid recommended a final dividend of 37.6p per share, bringing the full-year dividend to 55.44p per share, up 8.77% year-on-year. Underlying earnings per share also demonstrated positive growth, rising 7% at actual exchange rates. However, adverse commodity remeasurements partially offset the gains, and as a result, the statutory earnings per share for continuing operations saw an increase of 22% compared to the previous year. National Grid's statutory operating profit for continuing operations rose 12% to £4.9bn, driven by the gain on the sale of NECO and the Millennium investment, and insurance recoveries following the IFA fire. However, those gains were partly offset by the shorter period of NECO ownership of two months. It put the growth down to a full-year contribution from UK electricity distribution, strong operational performance in its US regulated businesses, a higher contribution from National Grid Ventures (NGV), increased property sales, and its community support package. The FTSE 100 company said underlying operating profit for the 12 months ended 31 March was up 15% at £4.58bn.
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