United Utilities is expecting group revenue to be higher than last year, largely reflecting regulatory revenue changes, according to its latest trading update ahead of full year results on 23 May 2019.
Current trading is in line with the group's expectations for the year ending 31 March 2019.
Underlying operating profit for 2018/19 is expected to be higher than 2017/18. Underlying infrastructure renewals expenditure (IRE) in the second half of the year is expected to be broadly consistent with the first half of the year.
Reported operating profit will be impacted by costs relating to the exceptional period of dry weather in the summer of 2018, guaranteed minimum pension (GMP) equalisation and restructuring within the business.
United Utilities said operating costs associated with these items will be excluded from the underlying profit measures in order to provide a more representative view of business performance. The adjusted items are expected to total £52 million for the full year, of which £29 million was recognised in the first half.
The trading statement says the company is expecting a small increase in group net debt at 31 March 2019 compared with the position as at 30 September 2018 as the company continues to invest in its asset base.
"Our responsible approach to financial risk management continues to deliver benefits including a strong balance sheet, a stable IFRS pension surplus and gearing comfortably within our target range of 55 per cent to 65 per cent net debt to RCV, supporting a solid A3 credit rating for United Utilities Water with Moody's.", the statement says.
United Utilities was awarded fast-track status when Ofwat published its initial assessment of company business plans for the 2020-25 period. The company commented:
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