National Grid PLC (LSE:NG.) reported trading remains in line with expectations, although it expects earnings to be more weighted to the second half, reflecting contributions from its US operation.
The company, which runs the UK’s electricity distribution network, said it expects contributions to operating profit from its UK regulated businesses to be broadly evenly split across the year.
For the US regulated businesses, contributions are set to be more heavily weighted towards the second half, it said in a trading update.
National Grid expects its New York business to deliver 10-15% of its full-year operating profit in the first half, given a higher non-cash environmental provision charge.
The company expects a broadly even split of operating profit between the first and second half in National Grid Ventures.
Half-year results will be announced on 9 November.