StockMarketWire.com - National Grid has said it has not yet seen a 'material impact' on its financial performance as a result of the Covid-19 outbreak, but is starting to see some delays and disruption to its capital programme.

In a pre-close update ahead of its full year results, expected to be published in June, the company said it will prioritise the health and safety of its employees, customers and communities in progressing its capital programme.

In the US, National Grid has suspended debt collection and customer termination activities across our jurisdictions, which is resulting in near term lower customer collections, and could result in increasing levels of bad debt and associated provisions. The balance sheet remains strong with £5.5bn of undrawn committed bank facilities.

It expects to deliver underlying earnings for FY20, before any COVID-19 impacts, in line with the technical guidance provided at its half year results last November.

The company said: 'Compared to our previous guidance, we expect higher operating costs in our US business due to further storm remediation costs, however, these are expected to be offset by stronger NGV performance and lower net finance costs, partly due to lower costs on RPI-linked debt.' Story provided by StockMarketWire.com