National grid PLC announced that it expects earnings for the full year to be significantly higher than estimates, while announcing improved earnings for the semester.
The UK grid company predicts that the underlying earnings per share for the year ended March 31 will be significantly higher than the estimates for 5% -7%.
This is attributed to the early interconnection between the UK and Norway via the North Sea Link and the highest auction prices across the interconnection portfolio, which is expected to increase operating profits by an additional εκα 100 million ($ 134.9 million). ).
In addition, the National Grid stressed that pre-tax profits rose to 8 1.08 billion in the six months to September 30, from 3 583 million a year ago.
With the exception of Western Power Distribution and commodities, the improvement came from the start of work on the IFA-2 electricity interconnection between the United Kingdom and France, the reduced impact of the pandemic, and the higher revenue from electricity transmission in the United Kingdom.
Underlying operating profit rose 47% to 1, 1.41 billion, compared with estimates for 40 1.40 billion.
It announced the distribution of an interim dividend of 17.21 pence per share, higher than the 17 pence a year ago.
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Source From: Capital
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