United Utilities 2019 profit, revenue rises
United Utilities Group PLC (UU.LN) said Thursday that pretax profit for fiscal 2019 rose and that the company is well-placed for the remainder of the current regulatory period and beyond.
The U.K. water utilities company said for the year ended March 31, pretax profit was 436.2 million pounds ($552.9 million), compared with GBP432.1 million in fiscal 2018.
Revenue for the period was GBP1.81 billion, compared with GBP1.74 billion the year before. Revenue consensus was GBP1.82 billion, taken from FactSet and based on six analysts’ forecasts.
Stripping out exceptional and other one-off items, underlying operating profit–the company’s preferred metric–was GBP684.8 million, compared with GBP645.1 million in 2018. Underlying operating profit consensus was GBP683.2 million, taken from FactSet and based on six analysts’ forecasts.
Reported operating profit was GBP634.9 million, compared with GBP636.4 million. The company said in March that reported operating profit would be hit by costs related to exceptionally dry weather in the summer, as well as by guaranteed minimum pension equalization and restructuring costs of GBP52 million.
As at 31 March 2019, the group had an IAS 19 net pension surplus of GBP484 million, compared with a net pension surplus of GBP344 million at 31 March 2018.
The board proposed a final dividend of 27.52 pence per ordinary share, compared with 26.49 pence last year, taking the total dividend to 41.28 pence per share, compared with 39.73 pence the year prior.
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