StockMarketWire.com - National Grid reported a surge in first-half profit, driven by a boost from the WPD acquisition and a first-time contribution of interconnector, IFA2, which linked France and Britain's power grids.

For the six months ended 30 September, pre-tax profit surged 86% to £1.08 billion year-on-year.

UK Electricity transmission adjusted operating profit was up 8% to £550 million.

Profit was driven by the 'first time inclusion of WPD and IFA2, higher UK Electricity Transmission net revenue to fund higher investment levels, and gains on investments in National Grid Partners which invests in companies innovating to accelerate the energy transition,' the company said.

The dividend was raised by 1% to 17.21 per share.

Looking ahead, the company said that 'the new organisational structure that we have implemented, alongside a major cost efficiency programme, will ensure we are in a strong position to capitalise on the significant growth opportunities ahead.'


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