National Grid reports 'solid' first quarter

Electricity and gas provider National Grid says it achieved a 'solid operational and financial performance' in its first quarter and is keeping its positive outlook for the full year unchanged.

Overall, there was no major changes to its financial position during the period between April 1st and July 29th. The firm says that it has a strong balance sheet, underpinned by regulatory revenue, which is "key to our ability to secure the required long-term funding for our businesses in both the UK and the US."

Chief Executive Steve Holliday said: "we are maintaining our positive outlook for 2012/13, reflecting the expected delivery of another year of solid operating and financial performance."

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The group expects to invest £3.5-3.8bn in its businesses in the current year, in line with its guidance given in May. It says that this investment will deliver additional benefits for its customers whilst add value to its businesses in both the UK and the US.

"Following the delivery of our new organisational model and US cost reduction programme last year we are continuing the focus on efficiency, partly through implementing new information systems and a programme of process and customer service improvements.

"In the UK, we are nearing completion of our UK Gas Distribution Front Office systems roll-out which should enable further service improvements and cost savings," the firm said.

BC