National Grid plc (NGG,NG.L,NNGF.DE), a British electricity and gas distributor, on Thursday reported higher pre-tax profit in its first half, but net profit declined with weak revenues.
Looking ahead for fiscal 2026, the company expects strong operational performance across the Group with underlying earnings per share expected to be in line with the 6-8 percent CAGR range from the 2024/25 baseline.
Over the five-year period from 2024/25 to 2028/29, the company projects total cumulative capital investment of around 60 billion pounds.
In London, the shares were gaining around 0.6 percent to trade at 1,158.00 pence.
In the first half, profit before tax climbed 21 percent to 826 million pounds from last year's 684 million pounds.
Meanwhile, total profit after tax attributable to the parent fell to 617 million pounds or 12.5 pence per share from 647 million pounds or 14.2 pence per share.
Underlying profit before tax was 1.65 billion pounds, compared to 1.44 billion pounds last year. Underlying earnings per share increased to 29.8 pence from 28.1 pence in the prior year.
Operating profit climbed 17 percent from last year to 1.53 billion pounds, and underlying operating profit increased 12 percent to 2.29 billion pounds.
Revenue for the first half were 7.065 billion pounds, down from 7.961 billion pounds a year ago.
Underlying net revenues of 5.80 billion pounds were 50 million pounds higher compared to the prior period.
Further, the Directors are proposing an interim dividend of 16.35 pence per share to be paid in respect of the year ending March 31, 2026.
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