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National Grid Plc FY Pretax Profit Declines - Quick Facts

National Grid plc (NG.L,NGG) reported that its fiscal year statutory earnings declined from prior year due to exceptional charges: Massachusetts Gas; new efficiency programmes; cancellation of nuclear connection agreements. Underlying operating profit was down 2% to 3.4 billion pounds (4% at constant currency) reflecting expected return of Avonmouth allowances and US tax reform, partly offset by higher property profit and favourable US legal settlements.

Pretax profit, on a statutory basis, was 1.84 billion pounds for the year ended 31 March 2019 compared to 2.66 billion pounds, prior year. Statutory earnings per share from continuing operations was 44.1 pence compared to 102.1 pence. Underlying pretax profit declined to 2.47 billion pounds from 2.54 billion pounds. Underlying EPS was up 5% to 58.9 pence reflecting a lower share count.

Fiscal year revenue from continuing operations declined to 14.93 billion pounds from 15.25 billion pounds, previous year.

John Pettigrew, Chief Executive, said: "We made good strategic progress across the Group last year, delivering £4.5bn of investment driving strong asset growth of 7.2%, all while maintaining reliability and safety across all of our networks. We remain on track to achieve asset growth at the top end of our 5-7% range in the medium term."

The Board has recommended an increase in the final dividend to 31.26 pence per ordinary share which will be paid to shareholders on the register as at 31 May 2019. If approved, this will bring the full year dividend to 47.34 pence per ordinary share, an increase of 3.07% over prior year.

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