National Grid positive as profits rise a quarter
Strong results from the transmission and gas distribution businesses have helped boost full year pre-tax profit at power supplier National Grid by 24%.
The firm, which completed the $7.3bn acquisition of US utility KeySpan last August, posted a profit before tax of £1.84bn for the year ended 31 March 2008, up from £1.49bn a year ago.
Its outlook for 2008/09 is positive and trading is in line with expectations.
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"Looking ahead, 2008/09 is about execution - building on our regulatory experience, disciplined delivery of our investment plans, continued implementation of our global operating model," said chief executive Steve Holliday.
"Overall we are well positioned to deliver another year of solid performance, supporting our progressive dividend policy," added the group.
