Britain’s National Grid reported its first-half adjusted profit slightly above market expectations on Thursday, driven by increased electricity transmission revenue and heightened investment in its regulated businesses. The results, covering the six months ending September 30, mark the last earnings report under Chief Executive John Pettigrew, who is set to retire later this month, passing leadership to former Shell executive Zoë Yujnovich.
As part of its strategic shift, National Grid has focused on enhancing its regulated electricity and gas networks by divesting its U.S. onshore renewables arm and agreeing to sell the Grain LNG terminal. The company reaffirmed its medium-term outlook, projecting underlying earnings per share to align with its targeted 6% to 8% compounded annual growth rate starting from the 2024-25 baseline.
For the reporting period, National Grid posted an underlying operating profit of £2.29 billion ($3.07 billion), surpassing the company-compiled consensus of £2.24 billion. This performance highlights the company’s commitment to strengthening its core operations in Britain while adapting to changing energy market dynamics. The results reflect a positive trajectory for National Grid as it prepares for leadership transition and continues to focus on its regulated business mode