PRE-TAX profits are up at power utility National Grid by 45% while operating cash flow has climbed 20%, the company said today.
According to its unaudited half-yearly report for the period ending 30 September, 2010, the Leamington-based company said its pre-tax profit had climbed from £649m to £938m and its operating cash flow had risen to £1,933m.
The firm reports that its capital investment of £1.7bn is up £122m.
Chief executive Steve Holliday said: “I am pleased with our operating and financial performance in the first half of the year. Operating profits were up 31% on last year.
“This is driven by strong performance in all our businesses and the continued growth of our asset base.
“This period’s profit growth is additionally driven by timing impacts, as we had a significant under-recovery of revenues in the first half of last year.
“In line with our policy, we are increasing the rebased interim dividend by 8%.
“We are making steady progress in the US with our process of filing for required improvements in our various rate plans and we await the outcome in New York.
“We have increased our capital programme, investing where we are confident we can earn attractive returns.
“We are confident that our strategy will continue to deliver essential changes in our energy landscape while creating significant value for shareholders and wider stakeholders”.
