24th May 2018 09:29
LONDON (Alliance News) - FTSE 100-listed United Utilities Group PLC on Thursday reported a fall in profit in its 2018 financial year due to the increased finance expenses.
The water services company reported pretax profit of GBP432.1 million for the year to the end of March, down from GBP442.4 million the year before.
In 2017 financial year, United Utilities gained GBP22.1 million profit on business disposal.
On an underlying basis, pretax profit declined to GBP370.2 million from GBP389.4 million, as growth in underlying operating profit was more than offset by a GBP39.9 million rise in underlying net finance expenses.
Meanwhile, revenue remain broadly flat year-on-year at GBP1.70 billion.
United Utilities proposed a final dividend of 26.49 pence, taking its total dividend for the year to 39.73p, up 2.2% from 38.87p paid the prior year.
The company said it had made total capital investment in the year of GBP816.0 million, including GBP147.0 million of infrastructure renewals expenditure.
"We continue to put customers first," said Chief Executive Steve Mogford. "We will build on the trust our customers place in us to provide an outstanding service, invest wisely and efficiently, driving further innovation and creating value for all our stakeholders."
Shares in United Utilities were trading 4.1% lower at 770.40 pence, the second worst blue chip performer on Thursday.
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