United Utilities is on track for full year with rising revenues
UNITED Utilities, Britain’s largest listed water utility, said yesterday it was on track to deliver a good underlying performance for the full year.
“In the first half of 2011-12, revenue increased by around four per cent, compared with the first half of last year, and this trend is continuing,” the company said.
United Utilities added that infrastructure expenditure for the second-half would be higher than the first-half, in line with its previous expectations.
In November, the company reported a dip in first-half profit due to increased capital spending.
On Tuesday, industry regulator Ofwat said the average household water and sewerage bill in England and Wales will rise by 5.7 per cent in 2012 as water companies gear up to invest as much as £22bn over the next five years.
In London, bills are set to surge by 6.7 per cent.
United Utilities said it was on course to meet its 2011-12 regulatory leakage target, and added water resource levels were “robust”, with reservoir stocks in excess of 90 per cent.