National Grid Now Sees Underlying Opt. Profit Across Its Business Units In Line With Guidance

(RTTNews) - National Grid plc (NG.L, NGG), on Thursday, issued a pre-close update, and said it expects underlying operating profit across its New England, New York, and National Grid Ventures business units to be in line with the guidance given at its half year results on 18 November 2021.

However, the company currently expects to deliver underlying operating profit in its UK Electricity Transmission and Electricity Distribution business units above that guidance, largely driven by higher inflation.

Also, National Grid now expects a higher underlying effective tax rate for FY22 of around 25%, due to an additional tax charge of around £100 million, which reflects the expected impact in the income statement of deferred tax reversing at a higher rate in the future. The underlying effective tax rate for FY23 is expected to reduce to around 23%.