National Grid has reported a 20% rise in annual profits, highlighting steady growth despite global economic uncertainty.
Underlying pre-tax profit reached £3.7 billion for the year ending 31 March. Earnings per share rose 2% to 73.3p, surpassing previous guidance.
The energy company declared a total dividend of 46.72p per share. Major institutional shareholders include BlackRock and Vanguard.
“At a time of international economic uncertainty, National Grid continues to provide stable and predictable growth through our resilient business model,” said outgoing CEO John Pettigrew. He added that the company remains focused on delivering “secure, affordable and clean energy” while ensuring long-term value for shareholders.
Shares in National Grid are up about 4.6% since the start of the year.
The company is undertaking a record £60 billion investment plan over five years to help the UK meet its 2030 target for grid decarbonisation. In the past year alone, capital investment rose by 20% to £9.8 billion.
Of the total investment, £23 billion is earmarked for UK electricity transmission. The company is working on 17 major renewable energy projects.
National Grid has already secured supply chain and delivery arrangements for over two-thirds of its £60 billion plan. To support this growth and strengthen its finances, it raised £7 billion through a share placing earlier this year.
In leadership news, John Pettigrew will step down later this year after years at the helm. He will be succeeded by Zoë Yujnovich, a former Shell executive.
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