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National Grid sees profit increase but remains cautious on outlook

By BFN News | 08:27 AM | Thursday 12 November, 2020

Power network operator National Grid reported a 78% increase in statutory profit before tax in the six months to the end of September compared to last year, bringing in £720 million. However, its underlying profit before tax - excluding 'exceptional items, remeasurements and timing' - fell by 9%. Underlying operating profit was boosted by UK gas transmission but other business lines, including US regulated business and UK electricity transmission, saw a fall compared to the same period in 2019. The company said it still expected the Covid-19 pandemic's impact on demand and revenues to result in £1 billion of cash flow impact for the full year. Chief executive John Pettigrew said: 'In the first half of this year we delivered strong operational performance whilst managing the impact of Covid-19 costs on our financial results... 'Looking ahead, the group is well positioned to manage the ongoing Covid-19 uncertainty, and our full-year financial guidance is unchanged. 'Our focus remains on agreeing regulatory settlements, and to help shape the energy transition as we look to enable decarbonisation of power, transport and heat.' At 8:27am: (LON:NG.) National Grid PLC share price was -13.6p at 947.2p Story provided by

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