United Utilities expects ‘solid’ full-year
WATER company United Utilities expects to deliver “solid” figures when it announces its full-year performance for the year to March.
In an interim management statement the Warrington-based FTSE 100 company said it had made good progress in the first year of the 2010-15 regulatory period.
The company plans to, “continue with its strong focus on improving operational performance and cost efficiency.”
United Utilities, which provides water and sewerage services across the North West, was told to cut bills by 2.6% and invest £3.6bn by 2015 by the water regulator OFWAT following a price review in 2009. It has since raised some £600m by selling 14 assets held by the non-regulated side of the business.
The group said revenue was slightly higher than expected in the first half of the year, although the rate of growth has since slowed. It said it was continuing with capital investment and infrastructure improvements but the severe weather in December increased leakage levels.
On February 2 the group will spend £68m paying out an interim dividend of 10p a share, taking the total for the year to 30p. The company will issue a pre-close trading update on March 24.
