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National Grid PLC on Thursday lifted its interim dividend and upped guidance.
National Grid, which manages the UK's electricity infrastructure, posted a pretax profit of £1.57 billion in the six months to September 30, up 45% from £1.08 billion a year ago. Revenue grew 36% to £9.44 billion from £6.94 billion.
Finance costs rose by 51% to £755 million from £499 million, while other operating costs increased by 43% to £7.70 billion from £5.40 billion.
UK Electricity System Operator pass-through costs increased by 81% to £1.78 billion from £985 million, while pass through costs in New York rose by 90% to £1.32 billion from £691 million.
The firm increased its interim dividend by 3.7% to 17.84 pence per share from 17.21p.
Chief Executive Officer John Pettigrew said National Grid invested a "record" £3.9 billion in the half-year in clean energy infrastructure.
Between 2022 and 2026, it plans to invest up to £40 billion in critical infrastructure, up from a previous guidance of £30 billion to £35 billion. Out of the £40 billion investment plan, £29 billion will be spent on decarbonisation of energy networks.
Looking ahead, National Grid upped its earnings per share growth target. It now expects EPS to rise in the middle of a new 6% to 8% compound annual growth rate range, lifted from 5% to 7%.
National Grid shares rose 0.8% to 994.00 pence each in London on Thursday morning.
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