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Annual Report and Accounts 2018/19

Here you can view or download our full Annual Report and Accounts, or its separate sections – the Strategic Report, Corporate Governance Report, Financial Statements and Additional Information.


National Grid faces many challenges, but our performance during the year showcased the collective spirit I believe will ensure we go on delivering sustained value for our stakeholders and for wider society.

John Pettigrew

Chief Executive

Annual Report and Accounts 2018/19

Download a PDF of the full report

Strategic Report

The Strategic Report includes an overview of our strategy and business model, the principal risks we face and information about our performance. In addition to the financial review included within this section, we provide additional analysis and commentary –?including the performance of our operating segments –?within the unaudited commentary sections of the financial statements. This additional analysis forms part of our Strategic Report.

Download the Strategic Report

Corporate Governance

The Corporate Governance report, introduced by our Chairman Sir Peter Gershon (pictured), contains details about the activities of the Board and its committees during the year. We include reports from the: Audit;?Finance;?Safety, Environment and Health; Nominations; and, Remuneration Committees. We also include details of our shareholder engagement activities.

Download the Corporate Governance Report

Financial Statements

Our financial statements include: the independent auditor’s reports; consolidated financial statements prepared in accordance with IFRS as adopted by the EU and as issued by the IASB; related commentary and notes to the consolidated financial statements; and, the Company’s financial statements, prepared in accordance with FRS 101.

Download the Financial Statements

Additional information

This section includes: additional disclosures and information;?definitions and a glossary of terms;?summary consolidated financial information;?and, other useful information for shareholders, including contact details for more information or help.

Download Additional Information

Financial and operational highlights

*Statutory operating profit

(2017/18 £3,493m)
*from continuing operations

*Statutory EPS

(2017/18: 102.5p)
*from continuing operations

Value Added

(2017/18: 57.9p/share)

*Underlying operating profit

(2017/18: £3,495m)
*from continuing operations

*Underlying EPS

(2017/18: 56.2p)
*from continuing operations

Capital investment

(2017/18: £4,251m)

Group return on equity (RoE)

(2017/18: 12.3%)

Group safety performance

0.10 IFR
(2017/18: 0.10 IFR)

Greenhouse gas emissions

7.0m tonnes
(CO2 equivalent)
(2017/18:6.9m tonnes)

Employee engagement index

(2017/18: 77%)

Full year dividend (pence per share)

(2017/18: 45.93)

Final dividend of

(2017/18: 30.44p/share)