National Grid trading in line, underlying EPS expected to be H2 weighted

National Grid said on Thursday that it continues to perform in line with its expectations and underlying earnings per share are set to have a greater weighting to the second half.

In a brief pre-close update for the half-year to 30 September, the company said it expects HY24 operating profit weightings across the group "to be more reflective of historic periods than HY23".

For the UK regulated businesses, contributions to operating profit are expected to be broadly evenly split across the year. For the US regulated businesses, meanwhile, National Grid expects contributions to be more heavily weighted towards H2.

The New York business is expected to deliver 10-15% of its full-year operating profit in the first half, given a higher non-cash environmental provision charge. The company expects a broadly even split of operating profit between the first and second half in National Grid Ventures and Other.

The half-year results are due to be released on 9 November.