National Grid PLC Pre-Close Update ahead of 2023/24 HY Results (7361O)
05 Ottobre 2023 - 8:00AM
UK Regulatory
TIDMNG.
RNS Number : 7361O
National Grid PLC
05 October 2023
5 October 2023
National Grid plc
Pre-Close Update ahead of 2023/24 Half Year Results
National Grid today issues a pre-close update in respect of the
half year ending 30 September 2023. Overall, the group continues to
perform in line with our expectations, and we expect underlying EPS
to have a greater weighting to the second half.
We expect HY24 operating profit weightings across the group to
be more reflective of historic periods than HY23. For our UK
regulated businesses, we expect contributions to operating profit
to be broadly evenly split across the year. For our US regulated
businesses, we expect contributions to be more heavily weighted
towards the second half. Our New York business is expected to
deliver 10-15% of its full year operating profit in the first half,
given a higher non-cash environmental provision charge. We expect a
broadly even split of operating profit between the first and second
half in National Grid Ventures and Other.
Half year results will be announced on Thursday 9 November
2023.
Notes:
' Underlying ' represents statutory results excluding
exceptional items, remeasurements, timing and major storm costs
(when greater than $100 million).
CONTACTS
Investors and Analysts
+44 (0) 7814 355
Nick Ashworth 590
+44 (0) 7825 351
918
Angela Broad +44 (0) 7970 778
James Flanagan 952
Media
Dan Roberts (Brunswick) +44 (0) 7980 959590
+44 (0) 7583 102
727
Molly Neal +44 (0) 7714 672
Lyndsey Evans 052
CAUTIONARY STATEMENT
This announcement contains certain statements that are neither
reported financial results nor other historical information. These
statements are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include information with respect to National Grid's (the
Company) financial condition, its results of operations and
businesses, strategy, plans and objectives. Words such as 'aims',
'anticipates', 'expects', 'should', 'intends', 'plans', 'believes',
'outlook', 'seeks', 'estimates', 'targets', 'may', 'will',
'continue', 'project' and similar expressions, as well as
statements in the future tense, identify forward-looking
statements. This document also references climate-related targets
and climate-related risks which differ from conventional financial
risks in that they are complex, novel and tend to involve
projection over long term scenarios which are subject to
significant uncertainty and change. These forward-looking
statements are not guarantees of National Grid's future performance
and are subject to assumptions, risks and uncertainties that could
cause actual future results to differ materially from those
expressed in or implied by such forward-looking statements or
targets. Many of these assumptions, risks and uncertainties relate
to factors that are beyond National Grid's ability to control,
predict or estimate precisely, such as changes in laws or
regulations, including any arising as a result of the current
energy crisis, announcements from and decisions by governmental
bodies or regulators, including those relating to the RIIO-T2 and
RIIO-ED2 price controls and the creation of a future system
operator; the timing of construction and delivery by third parties
of new generation projects requiring connection; breaches of, or
changes in, environmental, climate change and health and safety
laws or regulations, including breaches or other incidents arising
from the potentially harmful nature of its activities; network
failure or interruption (including any that result in safety and/or
environmental events), the inability to carry out critical
non-network operations and damage to infrastructure, due to adverse
weather conditions including the impact of major storms as well as
the results of climate change, due to counterparties being unable
to deliver physical commodities, or due to the failure of or
unauthorised access to or deliberate breaches of National Grid's IT
systems and supporting technology; failure to adequately forecast
and respond to disruptions in energy supply; performance against
regulatory targets and standards and against National Grid's peers
with the aim of delivering stakeholder expectations regarding costs
and efficiency savings, as well as against targets and standards
designed to deliver net zero; and customers and counterparties
(including financial institutions) failing to perform their
obligations to the Company. Other factors that could cause actual
results to differ materially from those described in this
announcement include fluctuations in exchange rates, interest rates
and commodity price indices; restrictions and conditions (including
filing requirements) in National Grid's borrowing and debt
arrangements, funding costs and access to financing; regulatory
requirements for the Company to maintain financial resources in
certain parts of its business and restrictions on some
subsidiaries' transactions such as paying dividends, lending or
levying charges; the delayed timing of recoveries and payments in
National Grid's regulated businesses, and whether aspects of its
activities are contestable; the funding requirements and
performance of National Grid's pension schemes and other
post-retirement benefit schemes; the failure to attract, develop
and retain employees with the necessary competencies, including
leadership and business capabilities, and any significant disputes
arising with National Grid's employees or the breach of laws or
regulations by its employees; the failure to respond to market
developments, including competition for onshore transmission; the
threats and opportunities presented by emerging technology; the
failure by the Company to respond to, or meet its own commitments
as a leader in relation to, climate change development activities
relating to energy transition, including the integration of
distributed energy resources; and the need to grow the Company's
business to deliver its strategy, as well as incorrect or
unforeseen assumptions or conclusions (including unanticipated
costs and liabilities) relating to business development activity,
including the integration of its UK Electricity Distribution
business, and the sale of its UK Gas Transmission and Metering
business. For further details regarding these and other
assumptions, risks and uncertainties that may impact National Grid,
please read the Strategic Report section and the 'Risk factors' on
pages 225 to 228 of National Grid's most recent Annual Report and
Accounts. In addition, new factors emerge from time to time and
National Grid cannot assess the potential impact of any such factor
on its activities or the extent to which any factor, or combination
of factors, may cause actual future results to differ materially
from those contained in any forward-looking statement. Except as
may be required by law or regulation, the Company undertakes no
obligation to update any of its forward-looking statements, which
speak only as of the date of this announcement.
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END
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