Water supplier United Utilities results lift on higher consumption
Water company United Utilities has seen its half year revenues lifted by a surge in consumption amid the return of business activity.
Revenue stood at £932.3m for the six months to 30 September, up from £894.4m over the same period last year, and investors were treated to a 14.5p per share. The bumper payout came amid soaring non-household revenue which climbed by £68m as business activity returned to pre-pandemic levels. With more people back in the office household revenue decreased by £20m, but remained above pre-pandemic levels.
“Our strong operational performance delivers efficiency gains and improvements to outcome delivery incentives, and is enabling us to drive further value for our shareholders,” said Steve Mogford, the company’s chief executive officer.
“At a time when many families are struggling with a higher cost of living, we have reduced typical water bills for households in our region by six per cent in real terms over the last two years,” Mogford added, referencing the company’s affordability scheme which supports 200,000 customers.
A strong performance for United Utilities comes as suppliers feel the heat from the UK water regulator which has warned multi million pound fines will be issued over unlawful sewage disposal in rivers.
United Utilities used today’s interim update to reiterate its commitment to “protecting the natural environment,” demonstrated by the company’s target of achieving net zero by 2030.
This month, the water regulator Ofwat said it would allow United Utilities to collect an additional £20.533m from customer bills in the 2020-21 financial year to reward it for good customer service.
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