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National Grid FY20 Profit Down, Lifts Dividend - Quick Facts

National Grid plc (NG.L,NGG), an energy transmission and distribution company, reported Thursday that its fiscal 2020 profit before tax was 1.75 billion pounds, down 5 percent from 1.84 billion pounds last year.

Earnings per share declined 17 percent to 36.8 pence from 44.3 pence a year ago.

Underlying profit before tax was 2.49 billion pounds, compared to 2.47 billion pounds. Underlying earnings per share were 58.2 pence, compared to 58.9 pence a year ago.

Operating profit was down 3 percent to 2.8 billion pounds, while underlying operating profit was up 1 percent to 3.5 billion pounds.

Further, the company recommended an increase in final dividend to 32.0 pence per ordinary share or $2.0126 per American Depositary Share, to bring full year dividend to 48.57 pence, up 2.6 percent from last year.

Looking ahead for fiscal 2021, the company assumes COVID-19 underlying operating profit impact of approximately 400 million pounds.

The company said, "whilst COVID-19 will impact our financial performance in FY21, we expect this to be largely recoverable over future years and therefore anticipate no material economic impact on the Group in the long-term. We continue to target asset growth of 5-7 percent in the near term.."

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