(Reuters) -Britain’s National Grid reported first-half adjusted profit slightly ahead of market expectations on Thursday, helped by higher UK electricity transmission revenue and increased investment across its regulated businesses.
The company has been reshaping its portfolio under long-time Chief Executive John Pettigrew to focus on regulated electricity and gas networks by selling its U.S. onshore renewables arm and agreeing to divest the Grain LNG terminal.
The first-half report is the company’s last set of earnings under Pettigrew as he prepares to step down later this month and hand over the reins to former Shell executive Zoë Yujnovich.
National Grid reaffirmed its medium-term outlook, with underlying earnings per share expected to align with its targeted 6% to 8% compounded annual growth rate from the 2024-25 baseline.
The company, which runs Britain’s energy systems and operates electricity and gas business in New York and Massachusetts, posted an underlying operating profit of 2.29 billion pounds ($3.07 billion) for the six months ended September 30.
This compared with the company-compiled consensus of 2.24 billion pounds.
($1 = 0.7451 pounds)
(Reporting by Ankita Bora in Bengaluru; Editing by Subhranshu Sahu)
