National Grid sees trading in line: EPS to marginally weighted to H2

National Grid said trading for the first half of its fiscal year was in line with expectations and forecast annual underlying earnings to be more marginally weighted to the second half than usual after including a full six-month contribution of National Grid Electricity Distribution - formerly Western Power Distribution.

The company on Monday added that the results would also include a contribution from Rhode Island up until completion of its $5.3bn sale to PPL Corporation in May 2022.

“As such, underlying operating profit in UK Electricity Distribution is expected to be more equally weighted half-on-half in the current year, with New England being less weighted to the second half than the prior year given the sale of Rhode Island,” National Grid said.

“As announced alongside the sale of our St William joint venture in March 2022, we have completed the sale of most of the additional property sites to Berkeley Group during the first half.”

Reporting by Frank Prenesti for Sharecast.com