United Utilities has reported year-on-year improvements in customer service during the current regulatory period, underpinned by good operational performance, according to its latest Interim Management Statement published this morning.
The water company also reported continued high levels of spend in its current capital investment programme.
Current trading is in line with the group’s expectations. Revenue has increased, reflecting the regulated price rise for 2014/15, partly offset by the previously announced special customer discount of c£20 million which has been applied to this year’s bills. United Utilities said the increase in revenue is largely offset by higher depreciation and other operating costs, as expected.
Ahead of its annual general meeting to be held later today, the IMS said:
“Regulatory capital investment for 2014/15, including infrastructure renewals expenditure, is expected to be similar to the high level of investment in 2013/14.”
“We continue to deliver improvements in customer service, underpinned by good operational performance. ….we have achieved an above average score across the industry on this measure, representing continued year-on-year improvement.”
United Utilities’ financial position remains robust – the firm is proposing to pay a 2013/14 final dividend of approximately £164 million which is scheduled for 1 August 2014.
The utility’s gearing remains well within Ofwat’s 2010-15 assumed range of 55% to 65% net debt to regulatory capital value, supporting a solid A3 credit rating for United Utilities Water PLC (UUW). The group has financing headroom into 2016.
Ofwat will publish draft determinations for the remaining majority of the water companies, including United Utilities on 29 August 2014 and the final determinations on 12 December 2014.
United Utilities intends to issue a pre-close trading update on 24 September 2014.
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