By Sanjeeban Sarkar
May 18 Power grid operator National Grid Plc
said its full-year adjusted operating profit rose 14
percent, helped by strong growth in its UK power transmission
units as electricity prices rose due to supply shortages.
The company, which favoured Britain to remain in the
European Union due to benefits to energy consumers, said its UK
transmission business contributed 1.37 billion pounds ($1.77
billion) to the group operating profit.
National Grid's shares rose as much as 1.6 percent to a more
than seven-month high in morning trading on the London Stock
Adjusted operating profit rose to 4.7 billion pounds ($6.08
billion) for the year ended March 31, the company said, adding
that "favourable timing" in the UK and U.S. businesses, helped
in part by the weather, also boosted the earnings.
Total capital investment across the group rose 504 million
pounds to 4.45 billion pounds from the prior year, an increase
of 5 percent at constant currency.
The company would invest 1.3 billion pounds on its UK
businesses and sustain capital spending of about 4 billion
pounds at the group level, National Grid CEO John Pettigrew told
The Warwick-based company raised its dividend by 2.1 percent
to 44.27 pence. The company will maintain its policy of
increasing the dividend by at least as much as the UK inflation
rate, Pettigrew said.
($1 = 0.7728 pounds)
(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by
Gopakumar Warrier and Amrutha Gayathri)