National Grid profit down 3%, positive outlook

14th May 2009 07:45

Power provider National Grid reported a 3% drop in full-year pre-tax profit but said it has made a good start to the new year.Profit before tax fell to £1,770m in the year ended 31 March compared with £1,829m the previously, while operating profit increased by 12% to £2,915m.The group also upped its full-year dividend to 35.64p from 33p last year."These results are excellent and show that, even in these difficult economic times, National Grid's low-risk business model is robust," said chief executive Steve Holliday."We have had a good start to 2009/10 and are confident that it will be another strong year for us," he added.