National Grid plc (LON:NG) has issued a pre-close update ahead of announcing results for the year ended 31 March 2024 on 23 May 2024.
We now expect Underlying EPS for 2023/24 to be in line with the prior year, at actual exchange rates and before the reporting change noted below.
In the 2023 Spring budget, the UK Government introduced ‘full expensing’ tax relief for qualifying capital expenditure to encourage greater levels of investment from businesses. This change became permanent in November 2023. To represent underlying profitability more accurately, and to align with UK peers, we will now report Underlying Earnings and Underlying EPS excluding the impact of deferred tax in our UK Electricity Transmission and Distribution businesses.
This reporting change will be reflected in our 2023/24 Full Year results, which will lead to an expected increase to Underlying EPS of around 8 pence per share.
Further details will be provided in our 2023/24 Full Year results, and a note on the change to our definition of Underlying Earnings and Underlying EPS can be found on the Investors section of our website¹.
[1] https://www.nationalgrid.com/investors/resources/analyst-modelling
