National Grid plc (LON:NG) has issued a pre-close update in respect of the half year ending 30 September 2023. Overall, the group continues to perform in line with our expectations, and we expect underlying EPS to have a greater weighting to the second half.
We expect HY24 operating profit weightings across the group to be more reflective of historic periods than HY23. For our UK regulated businesses, we expect contributions to operating profit to be broadly evenly split across the year. For our US regulated businesses, we expect contributions to be more heavily weighted towards the second half. Our New York business is expected to deliver 10-15% of its full year operating profit in the first half, given a higher non-cash environmental provision charge. We expect a broadly even split of operating profit between the first and second half in National Grid Ventures and Other.
Half year results will be announced on Thursday 9 November 2023.
‘Underlying’ represents statutory results excluding exceptional items, remeasurements, timing and major storm costs (when greater than $100 million).
