National Grid PLC has announced its half-year results for the period ending September 30, 2023. The company reported solid financial performance and confirmed its full-year guidance. National Grid has invested a record £3.5 billion in its regulated networks, including 17 major transmission projects in the UK. In the US, the company is progressing several major transmission projects to support renewable generation and upgrade infrastructure. National Grid has also exceeded its £400 million efficiency savings target. As a result of its strong progress, the company is updating its five-year financial framework to enhance asset and EPS growth. National Grid is ready to meet the opportunities and challenges of the energy transition.
In terms of financial results, National Grid reported an underlying operating profit of £1.8 billion, down 15% from the previous period. This decrease is primarily due to non-recurring items reported in the prior half-year. Statutory operating profit was down 11% to £2.0 billion. Underlying EPS for continuing operations was 23.8p, down from 32.4p in the prior period. The company declared an interim dividend of 19.40p per ordinary share, in line with its dividend policy.
National Grid's capital investment for continuing operations was £3.9 billion, with a record £3.5 billion invested in regulated networks. This represents a 10% increase from the previous period at constant currency. The company's capital investment was driven by higher connections spend and early investment in strategic transmission projects in the UK and new transmission projects in New York. National Grid Ventures saw lower investment compared to the previous period.
Overall, National Grid's half-year results demonstrate its commitment to enhancing critical energy infrastructure and driving the energy transition. The company's record network investment and efficiency savings highlight its focus on delivering a clean, fair, and affordable energy future.