Business
Full year results 2018/19
Full year results 2018/19.
About this update from National Grid Plc
[{"type":"text","content":"\n \nRNS Number : 1861Z National Grid PLC 16 May 2019 \n\n \n \n \n \n \n\n\n\n\n \nLondon | 16 May 2019: National Grid, a leading energy transmission and distribution company, today announces its Full Year results. \n \n\n\n\n\n \n\n\n\n\nReport for the year ended \n31 March 2019\n\n\n \n\n\n\n\nOperational Highlights\n· £4.5bn of capital investment leading to strong asset growth of 7.2%\n· Cadent sale expected to complete in June with £2bn in equity proceeds\n· Good regulatory progress in the US with all our companies now operating under refreshed rates\n· Launched new cost efficiency programmes in both the UK and US\n· Significant progress on interconnector portfolio \n· Major milestone achieved for Property business with sale of Fulham site to St William JV\n· Reached agreement on new employment terms with unions in Massachusetts Gas\n\n\nFinancial Performance\n· Underlying operating profit down 2% to £3.4bn (4% at constant currency) reflecting expected return of Avonmouth allowances and US tax reform, partly offset by higher property profit and favourable US legal settlements\n· Statutory operating profit down 18% to £2.9bn\n· Underlying EPS up 5% to 58.9p reflecting a lower share count \n· Statutory EPS of 44.3p due to exceptional charges: Massachusetts Gas; new efficiency programmes; cancellation of nuclear connection agreements\n· Group RoE of 11.8% (2018: 12.3%)\n· Recommended full year dividend of 47.34p\n \n\n\n \n\n\n\n\nFinancial Summary\nYear ended 31 March - continuing operations\n\n\n \n\n\n\n\n \n\n\n \n\n\nStatutory results\n\n\n \n\n\nUnderlying[1]\n\n\n \n\n\n\n\n \n\n\n \n\n\n2019\n\n\n2018\n\n\n% change\n\n\n \n\n\n2019\n\n\n2018 \n\n\n% change\n\n\n \n\n\n\n\nOperating profit (£m)\n\n\n \n\n\n2,870\n\n\n3,493\n\n\n(18)\n\n\n \n\n\n3,427\n\n\n3,495\n\n\n(2)\n\n\n \n\n\n\n\nProfit before tax (£m)\n\n\n \n\n\n1,841\n\n\n2,660\n\n\n(31)\n\n\n \n\n\n2,474\n\n\n2,5...