National Grid earnings beat forecasts as CEO bows out
Published: 08:03 15 May 2025 BST
National Grid PLC's (LSE:NG.) dividend will come in 20% below where it was a year ago, but up 3% on an underlying basis, as the network operator completed the first year of its current five-year financial framework.
Underlying earnings per share came in at 73.3p for the year to 31 March 2025, up 2% and ahead of the 72.3p average analyst forecast.
This was helped by an improved performance in the group's regulated businesses, particularly in New York. Statutory EPS of 60p was up 8%.
A final dividend of 30.88p has been recommended, resulting in a total dividend of 46.72p. The total dividend is well below the 58.52p paid out last year, but up from a 'rebased' 45.26p on an underlying basis.
Chief executive John Pettigrew, for whom these are his last set of final results before he retires, said the group had made "significant progress" in the first year of the new framework, with record capital investment up 20% to almost £10 billion to help drive regulated asset growth of around 10% this year.
"Strong performance across all areas of the business underpins our plans to successfully invest circa £60 billion over five years."
For the current year, the outlook is for underlying EPS to be in line with the 6-8% compound annual growth range from the 2024/25 baseline.
