National Grid plc
Pre-Close Update ahead of 2021/22 Half Year Results
National Grid today issues a pre-close update in respect of the half year ending 30 September 2021. Half year results will be announced on 18 November 2021.
With the acquisition of Western Power Distribution completing on 14 June 2021, its contribution will now be included for the first time. UK Gas Transmission, including our legacy UK gas metering business, is now held as a discontinued operation, with the proposed sale of a majority stake to complete within the next twelve months, and as such, will not be included in the underlying earnings of the continuing business.
US regulated operations will continue to include a contribution from Rhode Island, with closure of the sale to PPL Corporation still expected by the end of our financial year. We expect 1H earnings weighting to be in line with the prior year.
In UK Electricity Transmission, depreciation is now expected to increase by around £50m in the full year.
Net finance costs are expected to be weighted more towards 2H 2022 as a result of non-treasury interest benefits in the first half.
Overall, the group continues to perform in line with expectations, however 1H underlying earnings per share is expected to see a marginally greater weighting this year versus prior years.