National Grid Electricity Distribution (South West) PLC
Registered name: NATIONAL GRID ELECTRICITY DISTRIBUTION (SOUTH WEST) PLC
Part of National Grid PLC groupNational Grid Electricity Distribution (South West) PLC made £458m revenue and £123m profit in the year to 31 Mar 2026.
National Grid Electricity Distribution (South West) PLC’s revenue fell 15% to £458m in the year to 31 Mar 2026, with £123m profit and 1,741 employees. The company is classified under “distribution of electricity” and is based in Bristol; we hold 4 years of its filed accounts.
- Status
- Active
- Location
- Bristol
- Age
- 37 yrs · since 1989
- Type
- Public Limited Company
Key figures
Financial history
| Year to | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 | 31 Mar 2026 |
|---|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L | Full P&L |
| Profit & loss | ||||
| Revenue (turnover) | £447m | £408m | £537m | £458m |
| Operating profit | £205m | £186m | £312m | £226m |
| Profit before tax | £133m | £127m | £249m | £158m |
| Profit after tax | £104m | £95.3m | £183m | £123m |
| Profit (best available) | £104m | £95.3m | £183m | £123m |
| Employees (average) | 1,580 | 1,654 | 1,720 | 1,741 |
| Ratios | ||||
| Profit margin | 23.2% | 23.3% | 34.2% | 26.8% |
| Revenue per employee | £283k | £247k | £312k | £263k |
| Profit per employee | £65.6k | £57.6k | £107k | £70.5k |
| Growth (year on year) | ||||
| Revenue growth | — | ▼8.7% | ▲31.4% | ▼14.6% |
| Profit growth | — | ▼8% | ▲92.3% | ▼33% |
| Headcount growth | — | ▲4.7% | ▲4% | ▲1.2% |
| Balance sheet — indirect signals, not revenue | ||||
| Net assets | — | — | — | — |
| Source | Accounts · bulk data Aug 2024 | Accounts · bulk data Aug 2024 | Accounts · bulk data Aug 2025 | Accounts · bulk data Aug 2026 |
How the business works
- Profit margin
- 26.8%
- Profit ÷ revenue.
- Gross margin
- —
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £263k
- Revenue ÷ average employees.
- Profit per employee
- £70.5k
- Profit ÷ average employees.
- Cash conversion
- —
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- —
- Capital intensity. Low = capital-light, cheaper to start.
- Deferred income ÷ revenue
- —
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- —
- Money owed by customers. Low = customers pay quickly.
Balance-sheet signals
Year-on-year changes in filed balance-sheet items. They can hint at momentum (or investment) but are not revenue or profit and must not be read as such.
- Net assets
- —
- Now —
- Cash at bank
- —
- Now —
- Headcount
- ▲1%
- Now 1,741
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- National Grid PLCultimate parent75–100%
- National Grid Holdings One PLC75–100%
- National Grid Electricity Distribution Holdings Limited75–100%
- National Grid Electricity Distribution PLC50–75%
- National Grid Electricity Distribution Network Holdings Limited75–100%
- National Grid Electricity Distribution (South West) PLCthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- Western Power Pension Trustee LimitedFigures not disclosed
Sister companies (8)
- National Grid Electricity Distribution (East Midlands) PLCFigures not disclosed
- National Grid Electricity Distribution (South Wales) PLCFigures not disclosed
- National Grid Electricity Distribution (West Midlands) PLCFigures not disclosed
- National Grid Electricity Distribution Investments LimitedFigures not disclosed
- National Grid Electricity Distribution Midlands LimitedFigures not disclosed
- National Grid Electricity Distribution Property Investments LimitedFigures not disclosed
- National Grid Helicopters LimitedFigures not disclosed
- National Grid Telecoms LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 31 Mar 2026 (profit £123m), from the Companies House accounts bulk data published Aug 2026. Spotted an error? Request a correction.
Updated from Companies House on 23 Oct 2026
Contains public sector information from Companies House licensed under the Open Government Licence v3.0. Data from Companies House, © Crown copyright. View the licence.