"During the year we secured significant regulatory outcomes, covering over 80 percent of our asset base, creating much greater clarity for our businesses," Chief Executive Steve Holliday said in a statement.
"We have built a strong platform from which to deliver organic growth and support our new dividend policy," he added.
National Grid, which also has operations in the northeast of the United States, said it aimed to grow its dividend at least in line with British Retail Price Index inflation each year. That figure was 3.3 percent in March.
For 2013, National Grid paid a full-year dividend of 40.85p, up by four percent.
Profit before tax rose to 2.74 billion pounds ($4.2 billion)in the year to end March, the company said, despite the impact of storms that hit the United States over the year.
(Writing by Keith Weir Editing by Maria Golovnina)