National Grid has reported that its fiscal 2021 profit before tax rose 19% to nearly £3bn pounds, compared to the previous fiscal year.
Earnings per share rose to 46.3 pence, from 36.3 pence a year ago, while revenue increased to £14.8bn from £14.5bn a year ago.
The GMB trade union, however, has called on National Grid to use these profits to invest in future technologies to power Britain’s efforts to meet the country’s net zero target.
Gary Carter, GMB national officer, said: “The scale of change needed to deliver cleaner energy and net zero can’t be underestimated.
“It is clear National Grid needs to use its big profits to help deliver net zero.
“By making a large investment in infrastructure, capacity, innovation and new technologies now the grid can lead the way in reducing carbon emissions and deliver net zero – with shareholders reaping the rewards tomorrow.
“GMB believes this investment will clear the lines and allow National Grid to deliver reduced carbon emissions and hit the UK’s net zero target, whilst providing well paid skilled jobs long into the future.
“It’s a positive choice for all involved.”
For 2021 the National Grid board has recommended an increase in the final dividend to 32.16 pence per ordinary share, which if approved, this bring the full year dividend to 49.16 pence per ordinary share, an increase of 1.2%.