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.”
City A.M. Reporter