National Grid 1st Half 2020 Pretax Profit Fell 23%; Backs Guidance

Fecha : 14/11/2019 @ 02:08
Fuente : Noticias Dow Jones
Emisora : National Grid Plc (NG.)
Cotización : 892.6  9.9 (1.12%) @ 10:35
National Grid Cotización de acciones Gráfica

National Grid 1st Half 2020 Pretax Profit Fell 23%; Backs Guidance

National Grid (LSE:NG.)
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1 mes : De Nov 2019 a Dic 2019

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By Anthony O. Goriainoff

 

National Grid PLC (NG.LN) said Thursday that pretax for the first half of fiscal 2020 profit dropped 23% as revenue fell, and backed its guidance.

The power company said that for the period ended Sept. 30, pretax profit was 404 million pounds ($518.9 million) compared with GBP522 million for the first half of fiscal 2019.

Stripping out exceptional and other one-off items, National Grid made an adjusted pretax profit of GBP572 million, compared with GBP846 million in the year-prior period.

Underlying operating profit was up 1% at GBP1.3 billion due to an increase in U.S. regulated profits.

Revenue was GBP6.29 billion compared with GBP6.35 billion the year before.

The board declared an interim dividend of 16.57 pence a share, compared with 16.08 pence the year before.

The company said in May that for 2019-20 it continues to expect a good financial performance in its U.S. business, following the agreement of a number of regulatory filings. It also said the U.K. business remains on track to deliver continued outperformance, but the contribution from the NG Ventures business and other activities is expected to reduce, reflecting the nonrecurrence of proceeds from its Fulham property sale and the favorable legal settlements in 2018-19.

National Grid said it expects asset growth of around 7% in the near term with annual capital investment of almost GBP5 billion.

 

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

 

(END) Dow Jones Newswires

November 14, 2019 02:53 ET (07:53 GMT)

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