National Grid Fiscal Year 2021 Profit Rose, Expects 5%-7% Earnings Growth Through Fiscal Year 2026

By Jaime Llinares Taboada

National Grid PLC on Thursday reported an improved profit for the fiscal year, and said it expects to achieve 5%-7% earnings growth through fiscal 2026.

The FTSE 100 energy infrastructure company made a pretax profit of 2.08 billion pounds ($2.94 billion) in the 12 months to March, up from GBP1.75 billion a year earlier--when it had booked significant exceptional charges.

Underlying operating profit fell 5% to GBP3.28 billion, beating the GBP3.22 billion market consensus provided by the company and averaged from 11 brokers' estimates.

The board declared a final dividend of 32.16 pence a share, bringing the full-year payment to 49.16 pence--up from 48.57 pence a year earlier.

National Grid said it expects to grow its underlying earnings per share by a 5%-7% compound annual rate from fiscal 2021 until fiscal 2026. It also forecast capital expenditure of GBP30 billion-GBP35 billion for the period, and a 6%-8% annual asset growth rate.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

May 20, 2021 02:36 ET (06:36 GMT)

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