Executive bonuses double at United Utilities
SENIOR executives at water and sewerage company United Utilities have seen their bonuses double during a year of multi-million pound sell-offs.
Chief executive Philip Green took home £1.7m in the year to March 31 with more than half of this figure made up of a £924,000 bonus, up from £471,000 the previous year.
According to the Warrington-based company’s annual report Mr Green’s basic salary was £798,000, up 2.6%.
Managing director for business development Charlie Cornish – pictured below – who took over as chief executive at Manchester Airport Group last month, saw his bonus double to £435,000, pushing his total earnings for the year up to £839,000 from £620,000.
Chief financial officer Tim Weller’s bonus also doubled, rising to £603,000. With a salary of £464,000 his pay cheque topped £1m. Mr Weller left the company in May to take up the same role with Cable & Wireless Worldwide.
The hefty bonuses have been paid out after a financial year in which UU – the North West’s only FTSE 100 firm – committed to a major sell-off of its unregulated businesses.
Tighter price controls imposed by the regulator OFWAT combined with a commitment to invest £3.5bn on infrastructure over the next five years have left the group keen to cut costs and bolster its balance sheet.
In the year to March it sold stakes in Leeds-based Northern Gas Networks and the Manila Water Company for £130m. The strategy continued with the sale of its Australian business for £135m in May and further disposals last month have taken receipts to around £450m.
During the period revenues were static at £2.4bn while pre-tax profits fell 10% to £474m. The share price rose 16% over the period to 559p.
