(Alliance News) - National Grid PLC on Thursday reported earnings growth in the 2021 financial year, as the UK power line operator announced a new five-year investment plan and a joint venture with Germany's RWE AG.
For the year ended March 31, revenue was GBP14.78 billion, up 1.7% year-on-year from GBP14.54 billion. Pretax profit was GBP2.08 billion, up 19% from GBP1.75 billion.
The London-based gas and electricity utility declared a final dividend of 32.16 pence per share, bringing the total dividend to 49.16p. That's up 1.2% from 48.57p last year, in line with the consumer price index with housing costs measure of inflation.
Shares were up 0.9% to 939.20 pence in London.
National Grid said it made good operational progress in the year, with high levels of network reliability across all its markets.
"We have successfully navigated the challenges of Covid-19, delivered over GBP5 billion of capital investment and achieved a solid underlying financial performance," Chief Executive John Pettigrew said.
The company announced an "ambitious" five-year outlook for investment, asset growth and earnings. It expects GBP30 billion to GBP35 billion in capital expenditure, 5% to 7% annual earnings per share growth, and 6% to 8% annual asset growth through to 2026.
National Grid also signed a joint venture with RWE to develop offshore wind projects in northeast US. The two companies plan to bid in the upcoming New York Bight seabed lease auction, RWE said.
"We're very pleased to partner with RWE as we take our first steps towards developing offshore wind projects in the Northeast," said Cordi O'Hara, incoming president of National Grid Ventures, the company's unit covering non-regulated businesses.
National Grid separately announced that UK Executive Director Nicola Shaw will step down from the board on July 26 and her position will be abolished as part of its business restructuring. Non-Executive Director Paul Golby will step down after completing his nine-year term.
By Ivan Edwards; ivanedwards@alliancenews.com
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National Grid (NG.)