The group said that its revenue is higher, reflecting the regulated price increase for 2013/14, but did record that the increase is slightly below the allowed regulated price rise, principally reflecting the “continuing impact of a tough economic climate on commercial volumes”.
The group said that its financial position “remains robust”. Group net debt was marginally lower, compared with the position at 31 March 2013, despite continued high levels of capital investment. This is before payment of the proposed 2012/13 final dividend, which is scheduled for 2 August 2013, and totals approximately £156 million.
It said that “capital investment has continued at high levels as United Utilities invests to maintain and improve services for customers and deliver further environmental benefits”, as well as providing a positive contribution to the regional economy.
Regulatory capital investment for 2013/14, for United Utilities including infrastructure renewals expenditure, is estimated to be £800 million.
In a statement the water utilities company said “we continue to deliver improvements in customer service, underpinned by good operational performance. The ten water and sewerage companies have now published their 2012/13 Ofwat key performance indicator reports and we are pleased to report an above average performance across this range of operational metrics.”
Following service incentive mechanism (SIM) scores for 2012/13 the company also noted that to note that it was “the most improved company over the year”.
Paul Heiden will stand down at today’s annual general meeting, after over seven years as a non-executive director. Brian May, who joined the board in September 2012, will take over Paul’s position as chair of both the audit and risk committee and the treasury committee. Nick Salmon, who is senior independent non-executive director, will be appointed as a member of the audit and risk committee.
United Utilities indicated that it would issue a pre-close trading update on 19 September 2013.