National Grid maintains 2014 interim dividend at 14.49p

DividendMax Ltd.

National Grid maintains 2014 interim dividend at 14.49p

Steve Holliday, Chief Executive, said: "I am pleased with the solid start we have made to the year, in line with our expectations overall both operationally and financially. We continue to invest efficiently in essential regulated assets on both sides of the Atlantic, providing our customers with reliable networks while generating value and driving growth. The new eight-year price controls, covering our principal UK regulated activities, and the recent rate case settlements in the US provide us with the long-term framework and clarity to continue to invest for the future."


Solid first half performance: National Grid on track for good full year result

·    UK: delivering good incentive performance under the new RIIO price controls

·    US: new rates in place; investing in enhanced capabilities to drive further improvements

·    Operating profit 1% lower at £1,572m, (3% lower at constant currency excluding the impact of timing) reflecting the expected end of Niagara Mohawk deferral income recoveries and higher US system implementation costs

·    Profit before tax £979m, 7% lower reflecting the temporary additional cost of pre-financing asset growth at attractive interest rates

·    Earnings per share 1% lower at 20.4p, (down 3% excluding the impact of timing)

·    Interim dividend of 14.49p per share as announced in March 2013

·    No interim scrip dividend option given high level of take-up on August dividend payment


Maintaining outlook for operating performance, asset growth and earnings

·    2013/14 capital expenditure of around £3.5bn, net of efficiency savings, expected to drive regulated asset growth of around 6%

·    Overall performance in the first six months consistent with Group expectations for the full year   

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