National Grid reports 'solid performance' in 2012

National Grid has reported 'solid performance' reflecting good financial delivery for the period October 1st 2012 to January 28th 2013, according to its interim management statement.

The FTSE-100 company, which supplies electricity and gas throughout the UK, reported that it had "sustained investment" in long-term growth assets and expected to make a capital investment for this year worth £3.6bn.

In the UK, the group stated that the focus remained on delivering essential infrastructure to ensure the delivery of energy during a period of change in electricity generation and gas supply mix as the UK regulator Ofgem reviews the distribution and pricing of energy in the UK.

In the US, National Grid stated that investment continued to target upgrading infrastructure, improving asset reliability and customer service.

Steve Holliday, Chief Executive Officer of National Grid, said: "Our business made further good progress toward delivering our priorities for the year, underpinned by good financial performance. Sustained investment in transmission and distribution infrastructure, combined with a strong focus on efficiency has resulted in another solid operational performance.

This was achieved despite our US employees being affected by payroll issues associated with a new system implementation and the impact of "Superstorm" Sandy on our operations."

Holliday reconfirmed the company's outlook for 2012/2013; stating that he felt the group was "well positioned to deliver another year of good operating profit."

MF