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National Grid 6-month Pre-tax Profit Down 23% - Quick Facts

National Grid PLC (NG.L,NGG) on Thursday reported profit before tax of 404 million pounds for the six months ended 30 September 2019, down 23 percent from 522 million pounds in the same period last year.

Profit to equity shareholders of the parent fell to 393 million pounds from 431 million pounds in the previous-year period. Earnings per share declined to 11.3 pence from 12.7 pence last year, reflecting adverse mark to market remeasurements.

Headline profit before tax was 572 million pounds, compared to 733 million pounds in the prior year. Headline earnings per share were 15.5 pence, compared to 17.8 pence a year ago.

However, underlying earnings per share rose 2 percent to 20.0 pence from 19.7 pence last year, due to a U.S. tax settlement relating to prior periods.

Revenue for the half year declined to 6.29 billion pounds from 6.35 billion pounds in the prior year.

The company announced a new target to achieve net zero for own emissions by 2050.

National Grid said its board of directors has approved an interim dividend of 16.57 pence per share, expected to be paid on 15 January 2020 to shareholders on the register as at 29 November 2018.

This represents 35 percent of the total dividend per share of 47.34 pence in respect of the last financial year to 31 March 2019, and is in line with the Group's dividend policy.

Looking ahead, National Grid expects to deliver asset growth of around 7 percent in the near term, with annual capital investment of around 5 billion pounds.

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