National Grid Posts Underlying Growth in FY17; Well Positioned

By Razak Musah Baba Features Dow Jones Newswires

National Grid PLC (NG.LN) said Thursday it is well positioned for the future as it reported fiscal 2017 underlying earnings growth.

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The gas and electricity network operator's total adjusted pretax profit rose 13% to 3.56 billion pounds ($4.59 billion) for the year ended March 31. Revenue from continuing operations climbed 14% to GBP15.04 billion.

"We made significant progress in the year, with the successful completion of the U.K. Gas Distribution transaction, a good outcome on the rate filings in the U.S. and a positive conclusion to important regulatory reviews in the U.K.," Chief Executive John Pettigrew said.

"National Grid is well positioned for the future with a rebalanced, higher-growth portfolio," Mr. Pettigrew said.

Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet

(END) Dow Jones Newswires

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May 18, 2017 02:49 ET (06:49 GMT)