National Grid Pretax Profit Rose in Fiscal 2023

   By Giulia Petroni 
 

National Grid on Thursday said that its pretax profit rose in fiscal 2023 and reiterated its financial outlook for the five-year period through to fiscal 2026.

The U.K. energy infrastructure group reported a pretax profit of 3.59 billion pounds ($4.48 billion) in the period, up from GBP3.44 billion a year earlier.

Operating profit rose to GBP4.88 billion from GBP4.37 billion. On an underlying basis, operating profit was GBP4.58 billion.

National Grid declared a final dividend of 37.60 pence a share, bringing the full-year payment to 55.44 pence from 50.97 pence a year earlier.

Looking at 2023-24, the company said it expects underlying earnings per share to be modestly below 2022-23 levels due to the U.K. government's change to the capital allowance regime from April 1. This should have a six-to-seven pence per share impact on EPS, but won't affect the long-term.

The financial outlook over the five year period 2020-21 to 2025-26 remains unchanged, National Grid said.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

May 18, 2023 02:34 ET (06:34 GMT)

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