National Grid (NG.)

Sector:

Utilities

Index:

FTSE 100

876.60p
   
  • Change Today:
    -12.80p
  • 52 Week High: 1,142.50
  • 52 Week Low: 874.40
  • Currency: UK Pounds
  • Shares Issued: 3,721.35m
  • Volume: 29,868,759
  • Market Cap: £32,621m

National Grid sees £400m Covid-19 hit but no long-term impact

By Sean Farrell

Date: Thursday 18 Jun 2020

LONDON (ShareCast) - (Sharecast News) - National Grid said the Covid-19 crisis would have a £400m impact on results in the current year but that it expected no long-term material impact as it reported a 1% increase in annual profit.
Underlying operating profit for the year to the end of March rose to £3.45bn from £3.43bn a year earlier as revenue fell to £14.54bn from £14.93bn. Pretax profit at the power grid operator fell 5% to £1.75bn.

The FTSE 100 company declared a final dividend of 32p a share taking the annual payout to 48.57p a share - up 2.6% and in line with the company's policy.

National Grid set aside an extra £117m for US bad debts in response to the Covid-19 crisis in the year to the end of March and predicted a higher charge this year. In total Covid-19 will have a £400m impact in the current year but most of the shortfall will be recovered, it said.

John Pettigrew, National Grid's chief executive, said: "Whilst Covid-19 will impact our financial performance in FY21, we expect this to be largely recoverable over future years and therefore anticipate no material economic impact on the group in the long term."

National Grid said there would be some extra costs from Covid-19 in the UK but most of the impact would be in the US. Bad debts in the US will rise from the £117m additional charge last year. Bad debts above regulatory allowances will be recovered through future rate plans, it said. Lower revenue collections in the US should also be recoverable.

Lower energy usage will have a headline impact but almost all National Grid's revenues are decoupled from demand in the UK and US. Measures to support UK customers are repayable and recoverable, the company said.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

National Grid Market Data

Currency UK Pounds
Share Price 876.60p
Change Today -12.80p
% Change -1.44 %
52 Week High 1,142.50
52 Week Low 874.40
Volume 29,868,759
Shares Issued 3,721.35m
Market Cap £32,621m

National Grid Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
51.3% below the market average51.3% below the market average51.3% below the market average51.3% below the market average51.3% below the market average
14.29% above the sector average14.29% above the sector average14.29% above the sector average14.29% above the sector average14.29% above the sector average
Income Not Available
Growth
21.17% below the market average21.17% below the market average21.17% below the market average21.17% below the market average21.17% below the market average
71.43% above the sector average71.43% above the sector average71.43% above the sector average71.43% above the sector average71.43% above the sector average

What The Brokers Say

Strong Buy 3
Buy 6
Neutral 5
Sell 0
Strong Sell 0
Total 14
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

National Grid Dividends

  Latest Previous
  Final Interim
Ex-Div 06-Jun-24 23-Nov-23
Paid 19-Jul-24 11-Jan-24
Amount 39.12p 19.40p

Trades for 28-May-2024

Time Volume / Share Price
16:23 9 @ 878.00p
16:27 4 @ 878.00p
16:16 16 @ 880.40p
16:11 9 @ 879.00p
16:22 3 @ 878.00p

National Grid Key Personnel

CEO John Pettigrew
CFO Andrew Agg

Top of Page