Half year report for 6 months ended 30 Sept 2013
Solid first half performance: National Grid on track for good full year result
· UK: delivering good incentive performance under the new RIIO price controls
· US: new rates in place; investing in enhanced capabilities to drive further improvements
· Operating profit1 1% lower2 at £1,572m, (3% lower at constant currency3 excluding the impact of timing4) reflecting the expected end of Niagara Mohawk deferral income recoveries and higher US system implementation costs
· Profit before tax1 £979m, 7% lower reflecting the temporary additional cost of pre-financing asset growth at attractive interest rates
· Earnings per share1 1% lower5 at 20.4p, (down 3% excluding the impact of timing)
· Interim dividend of 14.49p per share as announced in March 2013
· No interim scrip dividend option given high level of take-up on August dividend payment
Maintaining outlook for operating performance, asset growth and earnings
· 2013/14 capital expenditure of around £3.5bn, net of efficiency savings, expected to drive regulated asset growth of around 6%
· Overall performance in the first six months consistent with Group expectations for the full year