• Announcing today a new target to achieve net zero for own emissions by 2050
• Regulatory progress in US and UK:
o Multi-year agreement for Massachusetts Electric
o Draft RIIO-2 business plans submitted
o Welcomed Ofgem’s “minded-to” position on Hinkley-Seabank to move away from Competition Proxy Model
• Cost efficiency programme on track: £50m in the UK and $30m in the US in 2019/20
• Construction of three interconnectors on target
• Completed US Geronimo acquisition
• Received £2bn proceeds for sale of final Cadent stake
• Underlying operating profit up 1% to £1.3bn due to increase in US Regulated profits (statutory operating profit down 1% to £1.0bn reflecting adverse timing)
• Underlying EPS up 2% to 20.0p, due to a US tax settlement relating to prior periods
• Statutory EPS of 11.3p, down 11% reflecting adverse mark to market remeasurements
• Capital investment £2.7bn up 28% driven by increase in US capital spend and £0.2bn Geronimo acquisition
• Interim dividend 16.57p/share, in line with policy
The Board has approved an interim dividend of 16.57p per ordinary share ($1.0673 per American Depositary Share). This represents 35% of the total dividend per share of 47.34p in respect of the last financial year to 31 March 2019 and is in line with the Group’s dividend policy. The interim dividend is expected to be paid on 15 January 2020 to shareholders on the register as at 29 November 2019.
The Group’s dividend policy is to aim to grow the ordinary dividend per share at least in line with the rate of UK RPI inflation each year for the foreseeable future.
The scrip dividend alternative will again be offered in respect of the 2019/20 interim dividend. As previously announced, we do not expect to buy back the scrip shares issued during 2019/20 or 2020/21.
https://investors.nationalgrid.com/~/me ... 019-20.pdf