National Grid H1 underlying profits grow despite modest revenue decline

Utility giant National Grid said on Thursday that underlying profits had grown in the six months ended 30 September despite reporting a modest decline in revenue.

National Grid said underlying operating profits were up 14% at £2.04bn, while underlying pre-tax profits were 26% higher at £1.43bn and underlying earnings per share grew by 8% to 28.1p.

The FTSE 100-listed group said all this came despite a 6% reduction in gross revenues to £7.96bn.

On a statutory basis, however, operating profits were down 34% at £1.30bn, pre-tax profits sunk 50% to £684.0m and earnings per share fell 53% to 12.6p.

As of 0925 GMT, National Grid shares were up 0.51% at 988.20p.

Reporting by Iain Gilbert at Sharecast.com