National Grid PLC National Grid stops Q1 & Q3 IMS (1872D)
January 27 2015 - 3:00AM
UK Regulatory
TIDMNG.
RNS Number : 1872D
National Grid PLC
27 January 2015
27 January 2015
National Grid stops Q1 and Q3 Interim Management Statements
National Grid today announces that the Board of the Company has
decided to cease publication of formal Interim Management
Statements ("IMSs"). The decision follows the removal of the
requirement for companies to publish an IMS, announced by the
Financial Conduct Authority in November 2014.
Commenting on the decision, Andrew Bonfield, Finance Director,
said: "National Grid is a very long term business, investing in
sustainable assets and capabilities that are designed to deliver
high standards of service to our customers and, in turn, earn low
risk returns over several decades. Our shareholders benefit by the
Company delivering healthy dividends and asset growth, and
mandatory requirements to publish information can frequently
provide an unnecessary focus on matters of little relevance to a
long term business."
Focusing on the future provision of information to investors, Mr
Bonfield added: "Alongside our major announcements at the half year
and full year we will continue to provide updates covering market
and company developments including changes, as required, to
technical guidance. These will ensure that our investors continue
to be well supported with relevant topical information as they make
their investment decisions, in a timely and proportionate
fashion."
As a result, the formal IMSs, previously published by the Group
in January and July, will cease with immediate effect.
CONTACTS
Investors
John Dawson +44 20 7004 3170
Andy Mead +44 20 7004 3166
Media
Chris Mostyn +44 (0)20 7004 3149
CAUTIONARY STATEMENT
This announcement contains certain statements that are neither
reported financial results nor other historical information. These
statements are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include information with respect to National Grid's
financial condition, its results of operations and businesses,
strategy, plans and objectives. Words such as 'anticipates',
'expects', 'should', 'intends', 'plans', 'believes', 'outlook',
'seeks', 'estimates', 'targets', 'may', 'will', 'continue',
'project' and similar expressions, as well as statements in the
future tense, identify forward-looking statements. These
forward-looking statements are not guarantees of National Grid's
future performance and are subject to assumptions, risks and
uncertainties that could cause actual future results to differ
materially from those expressed in or implied by such
forward-looking statements. Many of these assumptions, risks and
uncertainties relate to factors that are beyond National Grid's
ability to control or estimate precisely, such as changes in laws
or regulations, announcements from and decisions by governmental
bodies or regulators (including the timeliness of consents for
construction projects); the timing of construction and delivery by
third parties of new generation projects requiring connection;
breaches of, or changes in, environmental, climate change and
health and safety laws or regulations, including breaches or other
incidents arising from the potentially harmful nature of its
activities; network failure or interruption, the inability to carry
out critical non network operations and damage to infrastructure,
due to adverse weather conditions including the impact of major
storms as well as the results of climate change or due to
unauthorised access to or deliberate breaches of National Grid's IT
systems and supporting technology; performance against regulatory
targets and standards and against National Grid's peers with the
aim of delivering stakeholder expectations regarding costs and
efficiency savings, including those related to investment
programmes and internal transformation projects (including the US
financial system and controls); and customers and counterparties
(including financial institutions) failing to perform their
obligations to the Company. Other factors that could cause actual
results to differ materially from those described in this
announcement include fluctuations in exchange rates, interest rates
and commodity price indices; restrictions and conditions (including
filing requirements) in National Grid's borrowing and debt
arrangements, funding costs and access to financing; regulatory
requirements for the Company to maintain financial resources in
certain parts of its business and restrictions on some
subsidiaries' transactions such as paying dividends, lending or
levying charges; inflation; the delayed timing of recoveries and
payments in National Grid's regulated businesses and whether
aspects of its activities are contestable; the funding requirements
and performance of National Grid's pension schemes and other
post-retirement benefit schemes; the failure to attract, train or
retain employees with the necessary competencies, including
leadership skills, and any significant disputes arising with the
National Grid's employees or the breach of laws or regulations by
its employees; and the failure to respond to market developments
and grow the Company's business to deliver its strategy, as well as
incorrect or unforeseen assumptions or conclusions (including
unanticipated costs and liabilities) relating to business
development activity, including assumptions in connection with
joint ventures. For further details regarding these and other
assumptions, risks and uncertainties that may impact National Grid,
please read the Strategic Report section and the 'Risk factors' on
pages 167 to 169 of National Grid's most recent Annual Report and
Accounts. In addition, new factors emerge from time to time and
National Grid cannot assess the potential impact of any such factor
on its activities or the extent to which any factor, or combination
of factors, may cause actual future results to differ materially
from those contained in any forward-looking statement. Except as
may be required by law or regulation, the Company undertakes no
obligation to update any of its forward-looking statements, which
speak only as of the date of this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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