Business Context and Reporting Period
Company: National Grid plc
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: April 10, 2025
Reporting Period: Pre-close update ahead of Full Year results ending March 31, 2025.
This filing serves as an advance notice that the Group's performance for the year ending March 31, 2025, is in line with expectations and consistent with guidance provided at the half-year results on a constant currency basis.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It confirms only that performance aligns with prior guidance at constant currency.
Material Changes
No material changes or deviations from prior expectations were reported in this update. Management stated performance is consistent with the guidance issued during the half-year results.
Guidance, Outlook, and Risks
Outlook and Events
- Full Year Results Announcement: Scheduled for May 15, 2025.
- Investor Event: An event titled "Building our energy future: transforming electricity transmission" will be held on May 15, 2025, focusing on UK and US major capital projects.
Risks and Contingencies
The filing includes a comprehensive cautionary statement regarding forward-looking statements. Key risks identified include:
- Regulatory changes in the UK and US (price controls and rate cases).
- Timing of third-party generation projects and network connections.
- Environmental, climate change, and health/safety regulations.
- Infrastructure damage due to adverse weather and climate change.
- IT system reliability and cybersecurity threats.
- Fluctuations in exchange rates, interest rates, and commodity prices.
- Pension scheme funding requirements.
- Execution of business development activities, including the sale of certain businesses and joint ventures.
Investor Verification Checklist
- Verify the specific financial figures and constant currency adjustments in the Full Year Results announcement on May 15, 2025.
- Review the detailed progress on UK and US major capital projects during the investor event on May 15, 2025.
- Monitor regulatory decisions regarding upcoming price controls in the UK and rate cases in the US.
- Assess the impact of exchange rate fluctuations on reported results versus constant currency guidance.
- Confirm the status of the announced sale of certain businesses and strategic infrastructure projects.