United Utilities profits dip as lockdowns hit water usage
United Utilities saw its annual pre-tax profit dip by 21 per cent to £383m as it navigated its way through the pandemic.
The company, one of the largest publicly traded water firms in the world, said that profits were hit by lower water consumption and higher infrastructure spending.
The drop in profit was in line with expectations as the water firm continued to provide services to more than 7m people.
United Utilities proposed a final dividend of 28.83p per share, taking the annual payout to 43.24p.
Following the full year update, shares in United Utilities fell 1.3 per cent as markets opened.
Throughout the Covid crisis, its household bills were reduced by four per cent to help 200,000 customers with affordability support.
Delivering its annual results for the year ended 31 March, United Utilities said it had also set up £15m of new social tariffs to help those most struggling to pay their bills.
Steve Mogford, CEO at United Utilities, said: “This provides a strong platform for us to deliver further good operational performance, play our full part in the economic recovery within the communities we serve and to continue to protect our natural environment.”