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Search forGrid surges to £1.8bn after US expansion
15:16 - 15-May-2008
Figures for the year to end- March were buoyed by a first-time contribution from US acquisition KeySpan, which completed at the end of last summer and made the Grid the second-largest energy-delivery company in America by customer numbers.
The annual dividend is 33p, a one-off rise of 15%. The group reiterated its pledge to grow the payout by 8% a year through to March 2012.
It has repurchased £1.6bn of shares in the past year, and is expecting to return more when it exits the wireless communications business in the UK.
Chief executive Steve Holliday said the outlook will continue to be good for Grid's shareholders.
'We have again delivered an excellent operational and financial performance, and this year is all about execution,' he said.
'We will build on our regulatory experience, disciplined delivery of our investment plans, and continued implementations of our global operating model.
'I am confident of delivering further significant improvements, and this is reflected by our progressive dividend policy.'
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The motorist feels somewhat battered from all sides, seeing the oil companies going off with cash in their pockets and the Treasury filling its coffers
Edmund King, President of the AA
