REG - National Grid PLC - Pre-Close Update ahead of 2023/24 HY Results

National GridAnnouncement

05/10/2023 07:00

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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

 

 Nick Ashworth    +44 (0) 7814 355 590
 Angela Broad     +44 (0) 7825 351 918

 James Flanagan   +44 (0) 7970 778 952

 

Media

 Dan Roberts (Brunswick)  +44 (0) 7980 959590
 Molly Neal               +44 (0) 7583 102 727

 Lyndsey Evans            +44 (0) 7714 672 052

 

 

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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