Edition:
United Kingdom

National Grid FY Profit Lower, Sees Medium-Term Asset Growth At Top End Of 5-7% Range


Thursday, 16 May 2019 

May 16 (Reuters) - National Grid PLC ::FULL YEAR RESULTS 2018/19.FY UNDERLYING OPERATING PROFIT DOWN 2% TO £3.4BN (4% AT CONSTANT CURRENCY).FY STATUTORY OPERATING PROFIT DOWN 18% TO £2.9BN.FY GROUP ROE OF 11.8% (2018: 12.3%).CADENT SALE EXPECTED TO COMPLETE IN JUNE WITH £2BN IN EQUITY PROCEEDS.FY CAPITAL INVESTMENT OF 4,506 MILLION STG VERSUS 4,251 MILLION STG AS REPORTED A YEAR AGO.RECOMMENDED FULL YEAR DIVIDEND OF 47.34P.REACHED AGREEMENT ON NEW EMPLOYMENT TERMS WITH UNIONS IN MASSACHUSETTS GAS.REMAIN ON TRACK TO ACHIEVE ASSET GROWTH AT THE TOP END OF OUR 5-7% RANGE IN THE MEDIUM TERM.DELIVERED FY CAPITAL INVESTMENT OF £4.5 BILLION IN CRITICAL INFRASTRUCTURE IN 2018/19, UP 3.4% AT CONSTANT CURRENCY.FOR 2019/20, WE CONTINUE TO EXPECT A GOOD FINANCIAL PERFORMANCE IN OUR US BUSINESS.UK BUSINESS REMAINS ON TRACK TO DELIVER CONTINUED OUTPERFORMANCE FOR FOR 2019/20.CONTRIBUTION FROM NGV AND OTHER ACTIVITIES IS EXPECTED TO REDUCE IN 2019/20.EXPECTS ASSET GROWTH OF AROUND 7% IN THE NEAR TERM WITH ANNUAL CAPITAL INVESTMENT OF ALMOST £5BN.OVERALL RETURN ON EQUITY OUTPERFORMANCE IS EXPECTED TO BE SLIGHTLY ABOVE THE 200-300 BPS RANGE FOR 2019/20.