National Grid Sees Fiscal Year 2023 Performance in Line, Underlying EPS Growth in Middle of 6%-8% Range
April 14 2023 - 1:49AM
Dow Jones News
By Kyle Morris
National Grid PLC said Friday that performance for fiscal 2023
has been in line with its expectations and that it continues to
expect underlying earnings per share growth for the year in the
middle of the 6%-8% growth range.
The U.K. electricity-transmission network operator also said
that the U.K. government's full-expensing tax relief for capital
expenditure from April 1 to March 31 2026, whilst economically
neutral to it, is expected to hit underlying earnings from fiscal
2024 to fiscal 2026. It isn't anticipated to affect fiscal 2023
results.
Expected lower cash tax payable will lead to reduced revenue in
U.K. Electricity Transmission and U.K. Electricity Distribution.
Taken alongside an increase in IFRS deferred tax liabilities, it
should result in a net adverse impact to statutory and underlying
earnings.
National Grid still expects to deliver underlying EPS growth of
6%-8% range across the five-year period from fiscal 2022 to fiscal
2026, but it is now expected to be toward the lower end of the
range.
Write to Kyle Morris at kyle.morris@dowjones.com
(END) Dow Jones Newswires
April 14, 2023 02:34 ET (06:34 GMT)
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