21st May 2015 06:38
LONDON (Alliance News) - United Utilities Group PLC Thursday reported annual results that beat analyst expectations and its dividend was increased as expected, but pretax profit after exceptional items experienced a substantial fall.
The FTSE 100-listed water company reported a fall in pretax profit for the year ended March 31 of GBP341.6 million from GBP543.3 million a year earlier, while before exceptional items, pretax profit came in at GBP447.0 million, up from GBP388.0 million, as revenue rose to to GBP1.72 billion from GBP1.68 billion.
Operating profit increased to GBP653.3 million from GBP630.2 million, and before exceptional items United Utilities said operating profit came in at GBP664.3 million, up from GBP634.6 million. United Utilities said the rise was a result of its focus on its cost base despite the expected increase in depreciation and other cost pressures including bad debt.
Both pretax profit and operating profit before exceptional items beat analyst expectations of GBP436.0 million and GBP660.0 million, respectively.
United Utilities lifted its final dividend to 25.14 pence, resulting in a total dividend for the financial year rising to 37.70 pence from 36.04 pence, and it reiterated its commitment to grow the dividend in line with inflation over the next five years.
By Joshua Warner; [email protected]; @JoshAlliance
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