NGG - National Grid warns on cost-of-living challenges after strong profit

National Grid (NYSE:NGG) -1.4% in Thursday's trading after the U.K. electricity and gas utility company reported better than forecast full-year operating profit but warned that rising inflation and a cost of living crisis poses a "significant' challenge. The U.K. electricity and gas utility company said FY 2022 underlying operating profit rose to £3.99B ($4.93B) from £2.69B in the prior year, driven by the acquisition of Western Power Distribution, and beating the market consensus of £3.85B provided by the company. FY 2022 pre-tax profit from continuing operations more than doubled to £3.44B ($4.25B) from £1.66B a year earlier. National Grid (NGG) reiterated its financial outlook for the five-year period through FY 2026, and forecast broadly flat earnings for FY 2023. The company delivered "another strong set of results," Jefferies analysts said, according to Bloomberg, driven by higher revenues in British electricity transmission and reduced impact from COVID-19 compared to the previous

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National Grid warns on cost-of-living challenges after strong profit