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(Sharecast News) - Energy provider National Grid said on Monday that it now expects full-year earnings per share to come in slightly ahead of guidance of 13% to 15%, driven by a much strongerthanexpected firsthalf performance in its National Grid Ventures & Other unit.
National Grid, which noted underlying EPS would be weighted toward the second half, also stated operating profits for the six months ended 30 September would follow a similar pattern to last year.
UK Electricity Transmission and UK Electricity Distribution were expected to deliver broadly even profit splits across the year, while US regulated operations will remain secondhalf weighted, with New England returning to a more typical seasonal profile after the impact of last year's oneoff FERC RoE judgement in H2.
National Grid Ventures & Other was set to deliver around "£130m of additional performance" versus expectations in H1, reflecting oneoff fair value gains from two NG Partners capitalmarket transactions and stronger interconnector income.
Net debt at the half year was expected to be broadly in line with FY guidance after factoring in the Joulent investment and the usual secondhalf cashflow weighting.
As of 0855 BST, National Grid shares were up 0.52% at 1,152.50p.
Reporting by Iain Gilbert at Sharecast.com
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