National Grid H1 underlying profits grow despite modest revenue decline

7th Nov 2024 08:07

(Sharecast News) - 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.

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