United Utilities is anticipating a rise in both its revenues and profits, according to its latest trading update.
Current trading is in line with the group’s expectations for the year ending 31 March 2014.
Revenue is expected to be higher than last year, reflecting the regulated price change for 2013/14. Underlying operating profit for 2013/14 is anticipated to be moderately higher than 2012/13 – the update said the company is continuing to manage its cost base tightly.
United Utilities said it has made good progress on its regulatory capital investment programme and expects to invest over £800 million in its asset base in 2013/14. Customer service as measured by Ofwat’s service incentive mechanism is also continuing to improve. The Group said this is underpinned by good operational and environmental performance, and the company remains ahead of schedule in delivering its 2010-15 regulatory outperformance targets.
Group net debt at 31 March 2014 is expected to be similar to the position at 30 September 2013. Gearing at the year end is expected to be lower than the position at 30 September 2013, reflecting growth in the regulatory capital value. The gearing level remains well within Ofwat’s assumed range (55% to 65% net debt to regulatory capital value), supporting a solid A3 credit rating for United Utilities Water.
United Utilities will announce its full year results on 22 May 2014.
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