Growth in the US has helped National Grid Transco offset the impact of a mild winter and lower gas revenues in the UK.
Britain's largest power network operator, which employs around 1,500 people at its headquarters at Warwick Business Park, posted a three per cent increase in pretax profits to £1.429 billion.
The company had been expected to deliver £1.454 billion profit, according to a median estimate of financial analysts' forecasts.
Chairman Sir John Parker heralded a good year, especially in the United States where it increased profits 15 per cent to £374 million.
Electricity delivery volumes in the US increased 0.5 per cent compared to the prior year, while costs were down 20 per cent since 2001/02. It added that it was confident of growth in the US after clinching agreement to increase productivity with unions in New York and New England.
The acquisition of the UK mobile networks business of Crown Castle also lifted underlying operating profits at its wireless infrastructure business to £46 million.
NGT said the former Crown Castle operation was performing in line with expectations and its integration into the group was proceeding to plan. It bought Crown Castle's UK business last year, acquiring around 3,500 mobile phone and broadcasting masts.
This performance helped offset a fall in profits in gas distribution in the UK, which fell £ 146 million to £570 million.
Revenues would have been some £70 million higher if seasonal normal temperatures had occurred.