LONDON (dpa-AFX) - Energy transmission and distribution company National Grid (NG.L, NGG), on Thursday, reported H1 statutory profit before tax of £684 million versus £1.37 billion last year. Underlying profit before tax was £1.44 billion, up 26% from the prior year's £1.14 billion.
On a per share basis, statutory earnings plunged 53% to 12.6 pence from 26.7 pence earned a year ago. Meanwhile, underlying EPS rose 8% to 28.1 pence from 25.9 pence reported in the prior year period.
Statutory operating profit for the period declined to £1.31 billion from £1.99 billion last year. Underlying operating profit rose 14% to £2.05 billion from £1.80 billion in the same period of last year.
Looking ahead, the company continues to expect 2024/25 underlying EPS to be a strong operational performance reflecting year-on-year operating profit growth of around 10%, as well as reduced financing costs due to lower average net debt.
Further, the company projects underlying EPS CAGR of 6%-8% from a 2024/25 baseline, through to 2028/29.
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