National Grid Plc
Report for the period ended
30 September 2019
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Highlights
Financial performance
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Financial summary Six months ended 30 September – continuing operations
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Statutory results |
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Underlying[1] |
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Unaudited |
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2019 |
2018 |
% change |
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2019 |
2018 |
% change |
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Operating profit (£m) |
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1,003 |
1,017 |
(1) |
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1,301 |
1,285 |
1 |
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Profit before tax (£m) |
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404 |
522 |
(23) |
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785 |
816 |
(4) |
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Earnings per share (p) |
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11.3 |
12.7 |
(11) |
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20.0 |
19.7 |
2 |
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Capital investment2 (£m) |
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2,722 |
2,130 |
28 |
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2,722 |
2,130 |
28 |
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John Pettigrew, Chief Executive said:
“In the first half of this year we have delivered solid financial performance and continued to deliver strong organic growth at the top end of the 5 to 7% range. We also made good progress on our strategic priorities, including agreeing a multi-year, forward rate case in Massachusetts Electric, submitting our draft business plans for RIIO-2 in the UK and completed our acquisition of Geronimo. In the second half, we are progressing our priorities across the Group including addressing the gas supply constraint in downstate New York.
Today's announcement that we are increasing the Group's own emissions reduction target from 80% to net zero by 2050 underlines our commitment to lead the industry towards a cleaner energy future. This objective will be supported by work in other areas, such as offering further energy efficiency programmes for our US customers, proposals for renewable natural gas and hydrogen blending programmes.”