🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

National Grid climbs after profit upgrade

Published 18/04/2024, 09:16
National Grid climbs after profit upgrade
NG
-

Proactive Investors - National Grid PLC (LON:NG) gained over 2% on Thursday morning after hiking underlying earnings per share guidance.

Earnings per share should sit in line with last year’s figure of 69.7p, the grid operator said, rather than “modestly below”, as previously guided.

This comes due to an accounting change after tax reliefs were offered to firms in this year’s Spring Budget.

So-called 'full expensing' allows companies to claim up to 100% of tax back on the likes of plant and machinery investments.

“To represent underlying profitability more accurately, and to align with UK peers, we will now report underlying earnings and underlying EPS excluding the impact of deferred tax,” National Grid explained.

The move will prompt an “expected” 8p per share boost to full-year underlying earnings, bringing the figure in line with last year, with this up 7% on 2022.

Shares climbed 2.5% to 1,038p on the news.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.