National Grid Expects Flat Fiscal Year 2023 Earnings After Fiscal Year 2022's Strong Growth

By Jaime Llinares Taboada

National Grid PLC on Thursday forecast flat earnings for fiscal 2023, and reported an improved profit for fiscal 2022.

The FTSE 100 company expects broadly flat earnings in the year ending March 31, 2023, following strong growth in fiscal 2022, and reiterated its financial outlook for the five-year period through to fiscal 2026.

The U.K. energy infrastructure group made a pretax profit from continuing operations of 3.44 billion pounds ($4.25 billion) in fiscal 2022, more than doubling from GBP1.66 billion a year earlier.

Underlying operating profit rose to GBP3.99 billion from GBP2.69 billion, beating the market consensus of GBP3.85 billion, which was provided by the company and was the average of 11 analysts' estimates.

National Grid declared a final dividend of 33.76 pence a share, bringing the full-year payment to 50.97 pence, up from 49.16 pence a year earlier. The group's dividends are linked to a U.K. inflation index.

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

(END) Dow Jones Newswires

May 19, 2022 02:40 ET (06:40 GMT)

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