21st Nov 2018 08:15
LONDON (Alliance News) - United Utilities Group PLC on Wednesday said it has performed well so far in its financial year, with both revenue and profit increasing.
For the six months to September, United Utilities' revenue came in at GBP916.4 million, 4.6% higher-year-on-year.
The FTSE 100 firm's pretax profit climbed 7.6% to GBP212.5 million, and on an underlying basis the figure climbed by 23% to GBP196.9 million.
United Utilities is paying an interim dividend of 13.76 pence per share, a 3.9% rise year-on-year. A year prior, the interim dividend had been boosted by 2.2%.
This dividend growth, the company said, is in line with its policy of an annual growth rate of "at least" the retail price index inflation rate to 2020.
Chief Executive Steve Mogford commented: "The significant progress we have made positions us well for the remainder of the current regulatory period and beyond.
"We have responded well to the challenges brought about by the impact of more variable weather and have created a platform for continuing strong operational performance."
United Utilities spent an extra GBP80 million during the summer on the back of hot and dry weather to ensure supply.
Revenue was helped by "our allowed regulatory revenue changes", while pretax profit growth was helped by the higher revenue as well as a fall in finance costs.
Shares were 1.6% lower in early trade in London on Wednesday at a price of 750.60 pence each.
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