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.

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

Recommended

HubSpot: a tech stock set to tumble
Trading

HubSpot: a tech stock set to tumble

US tech stocks have had a fantastic couple of years. But this year is unlikely to be so bullish for high-fliers that can’t turn big profits.
18 Jan 2022
How to be better at selling stocks
Investment strategy

How to be better at selling stocks

There is plenty of advice around about buying stocks, but not so much about when you should sell. John Stepek explains the two key things to know abou…
14 Jan 2022
Share tips of the week – 14 January
Share tips

Share tips of the week – 14 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
14 Jan 2022
Fintech: how to profit as technology transforms banking around the world
Share tips

Fintech: how to profit as technology transforms banking around the world

Financial technology – from apps to APIs to the cloud – is rapidly transforming financial services. This will spell doom for some incumbent firms, whi…
14 Jan 2022

Most Popular

Five unexpected events that could shock the markets in 2022
Stockmarkets

Five unexpected events that could shock the markets in 2022

Forget Covid-19 – it’s the unexpected twists that will rattle markets in 2022, says Matthew Lynn. Here are five possibilities
31 Dec 2021
US inflation is at its highest since 1982. Why aren’t markets panicking?
Inflation

US inflation is at its highest since 1982. Why aren’t markets panicking?

US inflation is at 7% – the last time it was this high interest rates were at 14%. But instead of panicking, markets just shrugged. John Stepek explai…
13 Jan 2022
Tech stocks teeter as US Treasury bond yields rise
Tech stocks

Tech stocks teeter as US Treasury bond yields rise

The realisation that central banks are about to tighten their monetary policies caused a sell-off in the tech-heavy Nasdaq stock index and the biggest…
14 Jan 2022