NATIONAL ENERGY SYSTEM OPERATOR LIMITED
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Next accounts due
2026-12-31 (in 7mo)
Last filed for 2025-03-31
Confirmation statement due
2027-05-07 (in 1y)
Last made up 2026-04-23
Watchouts
Cash
£55M
+83.3% vs 2024
Net assets
£738M
-28.1% vs 2024
Employees
1,850
+48.5% vs 2024
Profit before tax
-£372M
-142.4% vs 2024
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
1 PSC ceased in last 24 months
Significant control changed hands — see the Ownership section.
Name history
Renamed 1 time since incorporation
- NATIONAL ENERGY SYSTEM OPERATOR LIMITED 2024-10-01 → present
- NATIONAL GRID ELECTRICITY SYSTEM OPERATOR LIMITED 2017-10-16 → 2024-10-01
Net assets
2-year trend · vs Consumer Discretionary median
Accounts
2-year trend · latest reflected 2025-03-31
| Metric | Trend | 2024-03-31 | 2025-03-31 |
|---|---|---|---|
| Turnover | £3,809,000,000 | £2,904,000,000 | |
| Operating profit | £849,000,000 | -£422,000,000 | |
| Profit before tax | £877,000,000 | -£372,000,000 | |
| Net profit | £658,000,000 | -£291,000,000 | |
| Cash | £30,000,000 | £55,000,000 | |
| Total assets less current liabilities | £1,104,000,000 | £880,000,000 | |
| Net assets | £1,027,000,000 | £738,000,000 | |
| Equity | £1,027,000,000 | £738,000,000 | |
| Average employees | 1,246 | 1,850 | |
| Wages | £83,000,000 | £122,000,000 |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-03-31 | 2025-03-31 |
|---|---|---|---|
| Operating margin | 22.3% | -14.5% | |
| Net margin | 17.3% | -10.0% | |
| Return on capital employed | 76.9% | -48.0% | |
| Gearing (liabilities / total assets) | 54.7% | 60.6% | |
| Current ratio | 1.55x | 1.31x | |
| Interest cover | 60.64x | -84.40x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Standalone (parent only)
- Auditor
- Deloitte LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The directors have concluded that there are no material uncertainties relating to the company's ability to continue operating for a period of at least 12 months from the date of approval of these financial statements.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
14 active · 14 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| FAVIER-TILSTON, Claire | Secretary | 2021-05-11 | — | — |
| MORRISSEY, Zoe Elise | Secretary | 2019-05-23 | — | — |
| CRACKETT, John | Director | 2025-07-01 | Dec 1958 | British |
| DUFFY, Clare Siobhan | Director | 2024-10-01 | Oct 1966 | Irish |
| FITZGERALD, Emma, Dr | Director | 2025-10-01 | Jan 1967 | British |
| GOLBY, Paul, Dr | Director | 2024-10-01 | Feb 1951 | British |
| LEGGE, Kayte Anne Eve | Director | 2019-04-01 | Dec 1979 | British |
| LINWOOD, John Frederick | Director | 2020-06-16 | Aug 1962 | British |
| MACKAY, Sheena Mary | Director | 2026-04-01 | May 1961 | Scottish |
| NIXON, Hannah | Director | 2019-04-01 | May 1973 | British |
| PATE, Charles | Director | 2023-09-11 | Oct 1977 | British |
| PLUMMER, Paul Jonathan | Director | 2019-04-01 | Oct 1965 | English |
| SCOTT, Jayne Patricia | Director | 2025-02-03 | Sep 1963 | British |
| SLYE, Fintan Charles | Director | 2019-03-01 | Mar 1970 | Irish |
Show 14 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| ACKON, Chantal Marise | Secretary | 2019-04-01 | 2019-10-04 |
| HAGAN, Lawrence | Secretary | 2017-10-16 | 2019-04-01 |
| BARNES, Megan | Director | 2018-11-30 | 2019-04-01 |
| BURNS, Clive | Director | 2017-10-16 | 2019-04-01 |
| BURT, Duncan Bryden | Director | 2019-04-01 | 2020-02-17 |
| CRAWFORD, Janice Elliott | Director | 2023-07-17 | 2025-03-31 |
| DAVIDSON, Rachael Jennifer | Director | 2017-10-16 | 2018-01-08 |
| MERRON, Gillian Joanna, Baroness | Director | 2019-04-01 | 2024-07-10 |
| MORAN, Regina | Director | 2020-08-01 | 2022-12-31 |
| MORGAN, Alice Parker | Director | 2018-01-08 | 2018-11-30 |
| MORRISSEY, Zoe Elise | Director | 2022-11-15 | 2024-10-01 |
| QUINN, Roisin Anne | Director | 2020-03-09 | 2020-11-30 |
| SMITH, Gregg Edward, Mr. | Director | 2020-05-04 | 2022-11-14 |
| TUCKMAN, Claire Louise | Director | 2019-04-01 | 2020-05-04 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| The Secretary Of State For Energy Security And Net Zero | Legal person | Shares 75–100%, Voting 75–100%, Appoints directors | 2024-10-01 | Active |
| National Grid Holdings One Plc | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2017-10-16 | Ceased 2024-10-01 |
Filing timeline
Last 20 of 88 total filings
Material constitutional events — rename, articles re-file, resolution
- 2026-02-13 RESOLUTIONS Resolution
- 2024-10-09 MA Memorandum articles
- 2024-10-09 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-04-23 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2026-04-03 | AP01 | officers | Appoint person director company with name date | |
| 2026-03-09 | CH01 | officers | Change person director company with change date | |
| 2026-02-28 | SH19 | capital | Capital statement capital company with date currency figure | |
| 2026-02-23 | SH20 | capital | Legacy | |
| 2026-02-13 | CAP-SS | insolvency | Legacy | |
| 2026-02-13 | RESOLUTIONS | resolution | Resolution | |
| 2025-10-15 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-10-15 | AP01 | officers | Appoint person director company with name date | |
| 2025-10-07 | AA | accounts | Accounts with accounts type full | |
| 2025-09-17 | CH01 | officers | Change person director company with change date | |
| 2025-07-01 | AP01 | officers | Appoint person director company with name date | |
| 2025-04-01 | TM01 | officers | Termination director company with name termination date | |
| 2025-02-04 | AP01 | officers | Appoint person director company with name date | |
| 2025-01-14 | CH01 | officers | Change person director company with change date | |
| 2024-12-08 | CH01 | officers | Change person director company with change date | |
| 2024-10-15 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-10-09 | MA | incorporation | Memorandum articles | |
| 2024-10-09 | RESOLUTIONS | resolution | Resolution | |
| 2024-10-07 | CH01 | officers | Change person director company with change date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 12
- Capital events
- 2
- Officers appointed
- 3
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.
Year-on-year
FY2024 → FY2025 · period ending 2025-03-31 vs 2024-03-31
-
Turnover
-23.8%
£3,809,000,000 £2,904,000,000
-
Cash
+83.3%
£30,000,000 £55,000,000
-
Net assets
-28.1%
£1,027,000,000 £738,000,000
-
Employees
+48.5%
1,246 1,850
-
Operating profit
-149.7%
£849,000,000 -£422,000,000
-
Profit before tax
-142.4%
£877,000,000 -£372,000,000
-
Wages
+47%
£83,000,000 £122,000,000
Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers