United Utilities has reported a strong 2014/15 financial performance with the publication this morning of its full results for the year ended 31st March 2015.
The water company’s underlying operating profit rose £30m to £664m during the period.
The company said it had also seen a step change in performance in 2010-15 regulatory period and much improved delivery of its £3.8bn capital investment programme which had delivered benefits for all stakeholders. United Utilities also reported significant customer service improvements, as measured through Ofwat's SIM mechanism, and upper quartile operational performance on Ofwat and Environment Agency KPI assessments.
o RCV gearing at 59%, well within our target range of 55% to 65%
o final dividend of 25.14 pence per share (total for the year of 37.70 pence), in line with policy
Commenting on the results, Steve Mogford, Chief Executive Officer, said:
"We have now completed the 2010-15 regulatory period and are pleased to have achieved a strong overall performance for the benefit of all our stakeholders. We have delivered substantial improvements in customer satisfaction and have become a leading operational performer in our sector. We have exceeded our regulatory outperformance targets, enabling us to reinvest around £280 million in customer service improvements and in helping customers struggling to pay.
"We expected our 2015-20 price determination to be tough and it was. However, our operational improvements and preparation provide us with a good platform to deliver further value in the forthcoming regulatory period. For shareholders, we are targeting to grow dividends by at least RPI inflation for the next five years. For customers, we will continue to provide benefits through significant levels of investment, improved service and below inflation growth in average household bills for the decade to 2020."
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