National Grid reported a good set of FY17-18 results, driven by the US activities, which posted a +20% increase in underlying operating profit fuelled by the 7% rate base growth and favourable rates renewals during the period. The board proposed a FY dividend of 45.93p, up c.3.7%, in line with RPI. The company provided a reassuring outlook and expects growth at the top end of the guided 5-7% range for the medium term, driven notably by the US market.