National Grid profits jump 25pc

City A.M. Reporter
NATIONAL Grid, the UK’s biggest energy distributor, said investment in its home market and ongoing US restructuring meant the outlook was positive, as it met forecasts with a 25 per cent jump in annual profit.

National Grid also said yesterday that the process of finding a new chairman was well under way. But management declined to comment on reports that former BP chief executive John Browne was in the running.

Adjusted pre-tax profit rose 25 per cent to £2.5bn in the year to the end of March. Earnings per share of 51.7p compared with a forecast for 49.24p.

National Grid said a number of timing differences, including collection of revenue owed to regulated businesses from previous years and over-recovery of revenue, boosted profit in 2011, adding 5p to earnings per share.

“We have a positive outlook for 2011/12 and expect to deliver another year of good operating performance,” said the company, led by Steve Holliday. “Although comparative performance will be impacted by the timing differences that benefited 2010/11.”