Results round-up

Electricity infrastructure operator National Grid posted its half-year report on Thursday, with adjusted earnings per share of 28.2p, flat compared to the same period last year, and operating profit of £1.9bn, up 1% including favourable timing and the effect of foreign exchange.

The FTSE 100 company made capital investment of £2.2bn during the period, up 12% - or 6% at constant currency.

It declared an interim dividend of 15.17p per share, in line with the board’s dividend policy.

National Grid’s board said new rates for Massachusetts Electric allowed a return on equity of 9.9%, and a three year joint proposal was filed for the downstate New York gas businesses.

It also claimed solid operational performance in the UK, generating savings for customers, with the UK Gas Distribution majority sale on track.

“We have delivered good results and made significant progress on key priorities while continuing to deliver a safe and reliable service to our customers in the UK and the US,” said chief executive John Pettigrew.

“First half earnings per share were in line with a strong prior year, with our regulated businesses delivering a solid performance.”

Pettigrew said in the US, the company received a positive outcome for its Massachusetts rate filing and was in the final stages of agreeing updated rates for its downstate New York gas businesses.

Private equity and venture capital group 3i Group reported on Thursday an increase in net asset value in the first half as its investments had little impact from the geopolitical uncertainty and financial market volatility.

Net asset value per share rose to 551p at 30 September from 463p at 31 March. The company made a private equity gross investment return of £989m, supported by “continued strong financial and operational performance across the portfolio”.

The company’s total return, including discontinued operation, jumped to £100bn from £168m the same period a year earlier.

Operating profit, excluding carried interest and performance fees, came to £1.04bn after £269m last year.

The group ended the period with net cash of £187m compared to net debt of £12m in the previous year.

3i raised its dividend to 8.0p per share from 6.0p.

Chief executive Simon Borrows said: "3i continues to benefit from its clear strategy and a portfolio with limited exposure to the repercussions caused by the current geopolitical and financial market volatility. We are navigating these challenges from a position of strength; our diverse portfolio, rigorous investment processes and robust balance sheet underpin our confidence about the future success of the group."