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United Utilities first-half earnings jump boosted by lower costs and regulator incentives

The FTSE 100-listed firm said its underlying pre-tax profit rose by 23.7% to £240.3mln for the six months to September 30, up from £194.3mln a year earlier, helped by lower net financing costs
Water
UU saw its revenue increase to £916.4mln, up from £876mln a year earlier, which largely reflected allowed regulatory revenue changes

United Utilities PLC (LON:UU.) saw its first-half earnings jump boosted by lower costs and incentives from the UK water regulator.

The FTSE 100-listed firm said its underlying pre-tax profit rose by 23.7% to £240.3mln for the six months to September 30, up from £194.3mln a year earlier, helped by lower net financing costs.

READ: United Utilities seen as sector ‘stand out’ as Deutsche upgrades

The company, which supplies water in the North West of England, saw its revenue increase to £916.4mln, up from £876mln a year earlier, which largely reflected allowed regulatory revenue changes.

Steve Mogford, UU’s chief executive officer, said: "The significant progress we have made positions us well for the remainder of the current regulatory period and beyond.

“We have responded well to the challenges brought about by the impact of more variable weather and have created a platform for continuing strong operational performance.”

The group hiked its interim dividend by 3.9% to 13.76p per share, up from 13.24p a year earlier.

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