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National Grid sees impact from Covid-19 in year-end figures
StockMarketWire.com
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National Grid has reported an underlying pre-tax profit of £2.4billion for the year ended 31 March 2021, down 3% when compared with the year before, due to the impact of Covid-19 restrictions over the past 12 months.
The dividend per share for the period has risen 1% to 49.16p when compared to FY20.
National Grid had previously guided that the impact of COVID-19 on 2020/21 underlying operating profit was expected to be around £400 million. Having worked to mitigate Covid-19 related costs throughout the year, the estimated out-turn is £355 million (before cost recoveries), below the expected impact.
In addition, the company has recognised £59 million as revenue recovery for the commodity portion of some of its COVID-19 bad debts.
Across the Group, capital investment decreased by £210 million at constant currency to £5,047 million, a decrease of 4% (or 7% at actual exchanges rates).
This decrease was principally driven by lower UK Gas Transmission spend (completion of the River Humber Gas Pipeline Replacement Project); lower interconnector capex and non-recurrence of the National Grid Renewables (formerly Geronimo) acquisition for NGV; partially offset by higher US spend on network repairs following increased storm activity, increased US transmission project spend, and higher capital spend on UK Electricity Transmission projects (Hinkley-Seabank and London Power Tunnels 2).
National Grid also guided a cash flow impact from COVID-19 of up to £1 billion. The estimated cash impact for the full year is around £600 million.
The company has also announced that Nicola Shaw, UK executive director, will step down from the board at the conclusion of the Annual General Meeting on 26 July 2021.
Following the strategic transactions the company announced in March and a move to a more business focused structure, the position of UK executive director will no longer exist in the new operating model.
Shaw has agreed to stay with the company until after the conclusion of the RIIO-T2 Competition and Markets Authority (CMA) appeal process later in the year and continue as chair of the its subsidiaries, National Grid Electricity Transmission plc and National Grid Gas plc, to help the new management teams .
Story provided by StockMarketWire.com
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