Report for the year ended
31 March 2019
Operational Highlights
• £4.5bn of capital investment leading to strong asset growth of 7.2%
• Cadent sale expected to complete in June with £2bn in equity proceeds
• Good regulatory progress in the US with all our companies now operating under refreshed rates
• Launched new cost efficiency programmes in both the UK and US
• Significant progress on interconnector portfolio
• Major milestone achieved for Property business with sale of Fulham site to St William JV
• Reached agreement on new employment terms with unions in Massachusetts Gas
Financial Performance
• Underlying operating profit down 2% to £3.4bn (4% at constant currency) reflecting expected return of Avonmouth allowances and US tax reform, partly offset by higher property profit and favourable US legal settlements
• Statutory operating profit down 18% to £2.9bn
• Underlying EPS up 5% to 58.9p reflecting a lower share count
• Statutory EPS of 44.3p due to exceptional charges: Massachusetts Gas; new efficiency programmes; cancellation of nuclear connection agreements
• Group RoE of 11.8% (2018: 12.3%)
• Recommended full year dividend of 47.34p
And later;
Dividend increase of 3.07% recommended for 2018/19
Our dividend policy aims to grow the ordinary dividend per share at least in line with the rate of RPI inflation each year for the foreseeable future.
The Board has recommended an increase in the final dividend to 31.26p per ordinary share ($2.0256 per American Depositary Share) which will be paid to shareholders on the register as at 31 May 2019. If approved, this will bring the full year dividend to 47.34p per ordinary share, an increase of 3.07% over the 45.93p per ordinary share in respect of the financial year ending 31 March 2018. This 3.07% rise is in line with the increase in UK RPI for the twelve months to 31 March 2019 as set out in the policy announcement of 28 March 2013.
https://investors.nationalgrid.com/~/me ... 018-19.pdf