National Grid interim profit jumps as investment accelerates

National Grid PLC on Thursday said its investment programme accelerated in the six months to September, boosting its confidence in meeting its long-term targets.

In the first half of financial 2027, National Grid increased capital investment by 32% compared with the same period a year earlier, investing £6.71 billion, primarily in UK electricity transmission. The company is aiming to double its network capacity and reduce system constraint costs.

The London-based electricity and gas utility also said it recruited more than 3,600 new employees during the period.

Pretax profit more than doubled to £1.73 billion from £826.0 million a year earlier, with earnings per share rising to 26.9 pence from 12.6 pence. However, National Grid noted that these figures were impacted by favourable timing differences in accounting and one-off gains from asset revaluations and divestments.

Operating profit rose 55% to £2.36 billion from £1.53 billion a year earlier, while revenue increased 15% to £8.12 billion from £7.07 billion.

Chief Executive Zoe Yujnovich said: "Our results for the first half show that capital investment is accelerating – increasing by one-third, our major projects are progressing, and the changes we are making within National Grid are sharpening performance in service of better outcomes for customers and stakeholders."

"This first half progress further strengthens our confidence in delivering the five-year framework we set out in March," added Yujnovich.

As announced earlier this year, National Grid said it will invest at least £70.00 billion between financial 2027 and 2031, and around £13.5 billion in 2027.

The company proposed an interim dividend of 16.97 pence per share, up 3.8% from 16.35 pence a year earlier. National Grid aims to grow its dividend per share in line with the UK Consumer Prices Index including owner occupiers' housing costs through 2031.

National Grid shares rose 2.2% to 1,292.50 pence on Thursday morning in London.

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