- National Grid reported an 18% drop in its annual operating profit, largely due to major storm costs in the US, as it said it expected asset growth of around 7% in the near term.

The company reported an 18% drop in statutory operating profit to £2.87bn for the 12 months to 31 March. On an underlying basis (which excludes storm costs), however, it fell 2% to £3.4bn.

In 2018/19, the company said it experienced bad weather events across the year in the US, with storms, in April and May (which it said was unusual) as well as during the winter months.

The seven-month US labour dispute also led to the company incurring a higher-than-expected exceptional charge of £283m to deliver a reliable and safe service.

The company also had to write-off the costs of two UK nuclear power station projects, which were cancelled, incurring an exceptional charge of £1.37m.

Looking forward to 2019/20, National Grid said it continued to expect a "good" financial performance in its US business following the agreement of a number of regulatory filings and that its UK business remained on track to deliver continued outperformance

The company said it anticipated asset growth of around 7% in the near term with annual capital investment of almost £5bn.

At 8:11am: [LON:NG.] National Grid PLC share price was -4.05p at 838.75p

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