The National Grid Board has recommended an increase in the final dividend to 37.60p per ordinary share ($2.3459 per American Depository Share), which will be paid on 9 August 2023 to shareholders on the register of members as at 2 June 2023. If approved, this will bring the full-year dividend to 55.44p per ordinary share, an increase of 8.77% over the 50.97p per ordinary share in respect of the financial year ended 31 March 2022. This is in line with the increase in average UK CPIH inflation for the year ended 31 March 2023 as set out in their dividend policy.
Other financial highlights include:
■ Underlying operating profit of £4.6 billion was up 15% at actual exchange rates (10% at constant currency). This reflects a full year contribution from UK Electricity Distribution; good operational performance across our US regulated businesses; higher contribution from National Grid Ventures (NGV); and increased property sales; partly offset by a shorter period of NECO ownership (two months), and our community support package.
■ Statutory operating profit for continuing operations was up 12% to £4.9 billion, benefiting from the gain on sale of NECO and our Millennium investment, insurance recoveries following the IFA fire, partly offset by adverse commodity remeasurements. Consequently, statutory EPS for continuing operations was up by 22% compared to the prior year.
■ Underlying earnings per share (EPS) was up by 7% compared to the prior year at actual exchange rates (3% at constant currency), driven by the above reasons impacting underlying operating profit, offset by higher interest costs.
