National Grid said it expects earnings growth in the coming year to be slightly above its guidance, supported by a strong first half in its Ventures business.
The FTSE 100 energy group said its core regulated networks in the UK and US performed in line with expectations, but its National Grid Ventures and Other division delivered around £130m more than expected in the first half.
This reflected one-off fair value gains from two capital market transactions in its investment portfolio, along with stronger trading in its interconnectors business.
As a result, the company now expects full-year earnings per share growth to be slightly above its target range of 13% to 15%.
It said its half-year net debt would be broadly in line with guidance, and that earnings, as usual, would be weighted towards the second half.
National Grid is a business that’s hard to get excited about, and today’s news that the ventures business performed well provided some spark, but it still seems a long way from 52-week highs at 1,428p.
National Grid shares were 1% higher at the time of writing.