National Grid Electricity Distribution (South Wales) PLC
Registered name: NATIONAL GRID ELECTRICITY DISTRIBUTION (SOUTH WALES) PLC
Part of National Grid PLC groupNational Grid Electricity Distribution (South Wales) PLC made £295m revenue and £81.9m profit in the year to 31 Mar 2026.
National Grid Electricity Distribution (South Wales) PLC’s revenue fell 20% to £295m in the year to 31 Mar 2026, with £81.9m profit and 1,126 employees. The company is classified under “distribution of electricity” and is based in Bristol; we hold 3 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 2024 | 31 Mar 2025 | 31 Mar 2026 |
|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L |
| Profit & loss | |||
| Revenue (turnover) | £268m | £368m | £295m |
| Operating profit | £121m | £215m | £148m |
| Profit before tax | £87.7m | £178m | £108m |
| Profit after tax | £65.2m | £133m | £81.9m |
| Profit (best available) | £65.2m | £133m | £81.9m |
| Employees (average) | 1,071 | 1,088 | 1,126 |
| Ratios | |||
| Profit margin | 24.3% | 36% | 27.7% |
| Revenue per employee | £250k | £339k | £262k |
| Profit per employee | £60.9k | £122k | £72.7k |
| Growth (year on year) | |||
| Revenue growth | — | ▲37.5% | ▼19.8% |
| Profit growth | — | ▲103.4% | ▼38.2% |
| Headcount growth | — | ▲1.6% | ▲3.5% |
| Balance sheet — indirect signals, not revenue | |||
| Net assets | — | — | — |
| Source | Accounts · bulk data Aug 2025 | Accounts · bulk data Aug 2025 | Accounts · bulk data Aug 2026 |
How the business works
- Profit margin
- 27.7%
- Profit ÷ revenue.
- Gross margin
- —
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £262k
- Revenue ÷ average employees.
- Profit per employee
- £72.7k
- 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
- ▲3%
- Now 1,126
- 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 Wales) PLCthis company
Bands show the share of ownership each company holds in the one below it.
Sister companies (8)
- National Grid Electricity Distribution (East Midlands) PLCFigures not disclosed
- National Grid Electricity Distribution (South West) 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 £81.9m), 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.