(Alliance News) - National Grid PLC on Monday predicted that earnings would be weighted towards the first half as it continues to perform in line with expectations.
FTSE 100-listed National Grid manages the UK's power infrastructure and provides power to the states of New York, Rhode Island and Massachusetts in the US.
National Grid said it has continued to perform in line with expectations as it prepares to release its half-year results on November 18.
The company expects underlying earnings per share this financial year to show a "marginally greater weighting" to the first half, which ended on September 30.
Net finance costs are expected to be weighted more towards the second half of financial 2022, National Grid said. This is due to non-treasury interest benefits registered in the first half, it added.
Depreciation for its UK Electricity Transmission business is now expected to increase by around GBP50 million in the full financial year, the company said.
Given plans to sell its majority stake in the next 12 months, the company said it will not include its legacy gas metering business, UK Gas Transmission, in its underlying earnings.
Western Power Distribution will contribute to its results for the first time since the acquisition was completed on June 14, the company noted.
Meanwhile, in the US its regulated operations will continue to include a contribution from Rhode Island, the company noted.
Shares in National Grid were trading up 0.8% at 904.01 pence each in London on Monday morning.
By Scarlett Butler; scarlettbutler@alliancenews.com
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National Grid (NG.)
