United Utilities is under fire as profits grow on the back of consumer price rises
The North West’s Water Provider United Utilities has delivered double-digit profit growth, helped by inflation-linked revenue increases.
The Company saw its revenue grow by 10.0% to £2.1bn whilst household bills increased by 4.2% while Underlying operating profit rose by 22.4% to £634m as revenue grew ahead of rising costs.
Shareholders will receive a final dividend of 34.57p per share taking the full-year total to 51.85p, up 4.2%.
Analysts say Revenue is expected to grow by at least 19% this year as it continues to keep costs down with the water regulator Ofwat allowing United Utilities to earn an acceptable financial return
Customers are set to pay at least 20 per cent more over five years.
As of last month, United Utilities customers will see their water bills increase by an average of 32 percent over the next five years, as part of its business plan agreed with regulator Ofwat.
Last week the Company urged customers to use water wisely as a dry winter and spring has seen reservoir levels below those expected at this time of the year
