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National Grid 2016 pretax profit increased 15 percent

Staff writer |
National Grid reported a 15% rise in fiscal 2016 pretax profit, and said the process for the sale of a majority stake in its U.K. gas-distribution business is on track.

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The U.K. natural-gas and electricity network operator added that it is well positioned to deliver asset growth in fiscal 2017 and beyond.

For the year ended March 31 the company made a pretax profit of 3.03 billion pounds ($4.42 billion), compared with GBP2.63 billion a year earlier, on revenue of GBP15.12 billion and GBP15.20 billion respectively.

The board has declared a final dividend of 28.34 pence, making a total payout for the year of 43.34 pence, compared with 42.87 pence for the year ended March 31, 2015.

National Grid said last November that it is seeking buyers for a majority stake of its domestic gas-distribution business to rebalance its portfolio and create extra value for shareholders.

Analysts valued the business, which comprises four of the U.K.'s eight regional distribution networks which deliver gas to around 10.9 million customers, at GBP10 billion to GBP11 billion.

The company said at the time the sale process would start in the first quarter of 2016 and will most likely be completed in late 2016, early 2017.

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