By Anthony O. Goriainoff

National Grid PLC said Thursday that pretax profit for the first half of fiscal 2023 rose, and lifted its guidance for the year.

The U.K. electricity-transmission network operator said pretax profit rose to 1.57 billion pounds in the six months ended Sept. 30 from GBP1.08 billion a year earlier.

Underlying operating profit--which excludes exceptional items, remeasurements and timing--rose 50% to GBP2.1 billion, the company said.

Revenue rose to GBP9.44 billion from GBP6.94 billion.

National Grid declared an interim dividend of 17.84 pence a share, up from 17.21 pence a year earlier.

The company said it now sees underlying earnings per share growth for fiscal 2023 in the middle of its new 6% to 8% compound annual growth rate, or CAGR, range.

The company updated its financial outlook over the five-year period through 2025-26. National Grid raised its total cumulative capital investment to up to GBP40 billion from prior guidance of GBP30 billion to GBP35 billion. The company said GBP29 billion of this will be aimed directly at the decarbonization of energy networks.

Its asset CAGR is now expected at 8% to 10% from a prior 6% to 8% range, backed by its strong balance sheet.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

November 10, 2022 03:08 ET (08:08 GMT)

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