National Grid H1 underlying profits grow despite modest revenue decline
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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.
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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