National Grid's profit up 16%, ups divi

Gas and electricity pipeline grid operator National Grid upped its interim dividend after posting a 16% rise in pre-tax profits. Pre-tax profit rose to £649m in the six month ended 30 September compared with £558m last time, supported by lower financing costs. The interim dividend has been increased from 12.6p to 13.6p.Earnings per share rose to 22.5p from 17.2p at the halfway stage last year. 'We have made good operational and financial progress against our priorities for this year and have delivered a very strong financial performance in the first half,' said chief executive Steve Holliday. 'As we look to the future our focused strategy is being confirmed by the changing energy landscape, which creates a number of organic growth opportunities for National Grid. With the right regulatory frameworks this will create significant value for our shareholders,' he added. National Grid