Business
Half Year results for period ended 30 Sept 2020
Half Year results for period ended 30 Sept 2020.
About this update from National Grid Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0520F\n National Grid PLC\n 12 November 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n London | 12 November 2020:\n \n \n National Grid, a leading energy \n \n \n transmission and distribution company, \n \n \n today announces its Half Year results. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Report for the period ended \n \n \n \n \n \n \n 30 September 2020\n \n \n \n \n \n \n \n \n \n \n \n \n Highlights\n \n \n • \n Delivered safe, reliable networks throughout the COVID-19 pandemic\n \n \n • \n Submitted comprehensive response to Ofgem RIIO-2 draft determination consultation\n \n \n • \n Progressed a way forward on addressing downstate New York gas supply constraints\n \n \n • \n Published our first Responsible Business Charter, setting updated ESG targets for 2030 \n \n \n • \n Continued positive discussions with NY PSC on new rates for KEDNY-KEDLI\n \n \n • \n Filed for new rates for Niagara Mohawk\n \n \n • \n Filing for Massachusetts Gas on 13 November\n \n \n • \n Construction of three interconnectors remains on track\n \n \n \n \n \n \n \n \n Financial Performance\n \n \n • \n Underlying operating profit down 12% to £1.1bn \n \n \n • \n Statutory operating profit up 13% to £1.1bn\n \n \n • \n Underlying EPS down 14% to 17.2p reflecting higher COVID-19 related costs including US bad debts, storm costs, partly offset by improved UK Gas Transmission and US revenues\n \n \n • \n Statutory EPS of 17.1p, up 51% reflecting mark-to-market remeasurement gains\n \n \n • \n Capital investment of £2.6bn down 6%; stronger investment offset by the non-recurrence of Geronimo acquisition\n \n \n • \n Interim dividend 17.0p/share in line with policy (16.57p/share in prior period)\n \n \n • \n FY21 outlook: assumed COVID-19 underlying operating profit impact of approximately £400m\n \n \n \n \n \n \n \n \n Financial Summary\n \n \n Six months ended 30 September - continuing operations\n \n \n \n \n \n \n \n \n \n \n \n \n Statutory results\n \n \n \n \n \n \n \n Underlying1\n \n \n \n \n \n \n \n \n \n Unaudited\n \n \n \n \n \n \n \n 2020\n \n \n \n \n 2019\n \n \n \n \n % change\n \n \n \n \n \n \n \n 2020\n \n \n \n \n \n \n \n 2019\n \n \n \n \n % change\n \n \n \n \n \n \n \n \n \n Operating p...