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National Grid sees £400M profit hit this year

Jun. 18, 2020 10:01 AM ETNational Grid plc (NGG) StockNGGBy: Carl Surran, SA News Editor7 Comments
  • National Grid (NGG -0.2%) reports a FY 2020 pretax profit of £1.75B, down from £1.84B in the prior fiscal year, and forecasts a coronavirus hit of £400M ($502M) to underlying earnings in FY 2021, citing higher bad debt and the deferral of rate increases in its U.S. business.
  • Underlying operating profit, which strips out exceptional items, improved 0.8% to £3.45B but missed analyst consensus £3.57B.
  • The company declares a final dividend of 32 pence/share, bringing the full-year payout to 48.57 pence, up from 47.34 pence for FY 2019 and in line with the its inflation-linked growth policy.
  • Noting the slight miss on underlying profit, RBC analyst John Musk says any short-term disruption related to COVID-19 is not likely to have a material impact on the long-term investment case; RBC rates the stock at Outperform.

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