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Annual Results

United Utilities lifts FY underlying op. profit

25 May 2017 07:24

United Utilities has posted an improved FY pretax profit of £442.4m, up from £353.5m, in what it said was a strong performance.

Total dividend for the year was 38.87p a share, up 1.1% from 38.45p, and in line with policy. Revenue was £1.70bn, up from £1.73bn.

CEO Steve Mogford said this performance had enabled United to commit to a further £100m of additional investment in the region.

"This will support our resilience projects bringing additional customer benefits over the next three years," he said in a statement.

United had achieved its best ever customer satisfaction scores under Ofwat's Service Incentive Mechanism (SIM). "The acceleration of our investment programme continued delivering the early benefit of operational efficiencies and means we have de-risked a number of our Outcome Delivery Incentive (ODI) measures," said Mogford.

"This contributed to another net ODI reward and improves our likely cumulative outcome over the five-year period. Our Systems Thinking approach is unparalleled in the sector and is delivering a radically different way of managing our business.

"Our performance in the early part of this regulatory period puts us in an industry leading position and demonstrates that we are well placed to deliver further value for customers, shareholders and the environment. This is supported by a robust capital structure and good credit ratings."

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