Performance summary: Achievements and other performance measures

Delivering superior financial performance
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Adjusted operating profit‡†
(£m)
04/05=1,936; 05/06=1,968; 06/07=2,031; 07/08=2,595; 08/09=2,915		 Interest cover†
Long-term target: range 3.0 - 3.5
04/05=3.9; 05/06=3.6; 06/07=3.8; 07/08=3.2; 08/09=3.1		 Cash generated by continuing operations†
(£m)
04/05=2,820; 05/06=2,973; 06/07=3,090; 07/08=3,265; 08/09=3,564
Driving improvements in our safety, customer and operational performance
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Injuries to the public * (Number)
Target: zero
04/05=52; 05/06=20; 06/07=28; 07/08=36; 08/09=52
  • Electricity Distribution & Generation ranked in lower quartile for customer satisfaction in J.D. Power and Associates survey in the US
  • Employee sickness absence rate was 3.06% in 2008/09, an increase from 2.46% in 2007/08
Modernising and extending our transmission and distribution networks
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Total capital expenditure †
(£m)
04/05=1,905; 05/06=2,108; 06/07=2,375; 07/08=3,054; 08/09=3,242
  • Phase II of Grain LNG commissioned in December 2008
  • Commencement of the New England East-West Solution (NEEWS) transmission project in the US
Becoming more efficient through transforming our operating model
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  • Synergy savings of $74 million achieved in the year representing a run rate of $129 million at 31 March 2009
  • Phase II implementation of common ERP operating platform across UK businesses
  • Continuing restructuring plans in the US including consolidation of premises. Our new Reservoir Woods office in Waltham, Massachusetts is due for completion in spring 2009
  • Transformation of operations within the lines of business focused on projects that maximise tangible returns in the near term
Building trust, transparency and an inclusive and engaged workforce
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Proportion of female
employees (%)
04/05=21.0; 05/06=23.4; 06/07=23.7; 07/08=22.5; 08/09=22.6		 Proportion of ethnic minority
employees (%)
04/05=6.0; 05/06=6.7; 06/07=7.3; 07/08=12.3; 08/09=13.2
  • 91.8% response rate in our employee survey (2007/08: 86.4%)
  • 73% (2007/08: 62%) of employees said that they would recommend National Grid as a place to work
  • We launched our global inclusion charter that explains what employees can expect from the Company, as well as what National Grid expects from employees
Developing our talent, leadership skills and capabilities
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  • Recruited a total of 272 advanced apprentices, foundation engineers and graduates in the UK
  • Launched workforce planning as a methodology to identify and proactively address the gaps both in people and skills necessary to deliver our strategy
  • Launched two new management development programmes
Positively shaping the energy and climate change agenda
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Significant direct environmental incidents * (number) Target: zero
04/05=23; 05/06=23; 06/07=40; 07/08=34; 08/09=12		  
  • Steve Holliday member of the RPI-X@20 advisory panel looking at regulation and future energy challenges in the UK
  • 80% of employees working to certified ISO 14001 systems

‡
Adjusted operating profit excludes exceptional items, remeasurements and stranded cost recoveries
†
2007/08 includes continuing operations acquired with KeySpan for the period from 24 August 2007 to 31 March 2008 or as at 31 March 2008
*
2007/08 excludes KeySpan operations
Following a realignment of our strategy and Company objectives during 2008/09 some of our KPIs and other performance measures are still under review – any new performance measures identified as a result will be reported in the 2009/10 Annual Report and Accounts.

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