Interim Results for the year ended September 2005

Strong earnings growth.  Positive outlook.

 - Earnings per share up 12%
 - Strong operating performance
 - Successful completion of gas network sales
           - £2.5bn profit on disposal
           - £2bn return of value to shareholders
 - Capital investment on track to increase from £1.5bn to £2bn per annum

Sir John Parker, Chairman, said:

“National Grid continues to deliver strong operating performance, strong earnings growth and strong cash flows. This has been accompanied by our constant focus on safety and security of delivery. In addition, we are significantly increasing our level of investment over the medium term, which will support the Group’s future profit and dividend growth.

“In August, the Group returned £2bn to shareholders, one of the largest returns of value seen in the UK, following the successful completion of our UK gas distribution network sales.
 
“The Board has approved an interim dividend of 10.2p per ordinary share and views National Grid’s prospects with confidence and, accordingly, in line with our stated dividend policy, targets a 7% increase in the full 2005/06 dividend.  With this increase, the dividend per share will have grown by almost 60% since the merger with Lattice.”

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Article date: 17 November 2005

Interim Results Statement