National Grid Sees Fiscal Year 2023 Performance in Line, Underlying EPS Growth in Middle of 6%-8% Range

By Kyle Morris

National Grid PLC said Friday that performance for fiscal 2023 has been in line with its expectations and that it continues to expect underlying earnings per share growth for the year in the middle of the 6%-8% growth range.

The U.K. electricity-transmission network operator also said that the U.K. government's full-expensing tax relief for capital expenditure from April 1 to March 31 2026, whilst economically neutral to it, is expected to hit underlying earnings from fiscal 2024 to fiscal 2026. It isn't anticipated to affect fiscal 2023 results.

Expected lower cash tax payable will lead to reduced revenue in U.K. Electricity Transmission and U.K. Electricity Distribution. Taken alongside an increase in IFRS deferred tax liabilities, it should result in a net adverse impact to statutory and underlying earnings.

National Grid still expects to deliver underlying EPS growth of 6%-8% range across the five-year period from fiscal 2022 to fiscal 2026, but it is now expected to be toward the lower end of the range.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

April 14, 2023 02:34 ET (06:34 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.