Business
Half Yearly Financial Report
Half Yearly Financial Report.
About this update from United Utilities Group Plc
[{"type":"text","content":"\n \nUnited Utilities Group PLC\n\n24 November 2010\n\nHALF YEARLY FINANCIAL REPORT for the SIX MONTHS ended 30 SEPTEMBER 2010\n\n£m Six months ended\n \n(continuing operations)\n 30 September 2010 30 September 2009\n (restated)*\n\nRevenue 762.4 786.6\nOperating profit 311.5 339.9\nProfit before taxation** 122.2 189.9\nProfit after taxation 133.1 186.2\nBasic earnings per share**** 19.5 27.3\n(pence)\nInterim dividend per ordinary 10.0 11.17\nshare (pence)\n\nUnderlying operating profit*** 327.7 345.4\nUnderlying profit before 196.2 258.2\ntaxation***\nUnderlying profit after 139.3 185.1\ntaxation***\nUnderlying earnings per share**** 20.4 27.2\n(pence)\n\n* The vast majority of the group's non-regulated activities are\ntreated as discontinued and the group has now adopted IFRIC 18 hence the first\nhalf of 2009/10 has been restated\n\n** Profit before taxation of £122m reflects the recent price review\nand is impacted by £16m of one-off items, £55m of fair value movements and £3m\nof net pension interest expense\n\n***Underlying profit measures have been provided to give a more\nrepresentative view of business performance and exclude one-off items and fair\nvalue movements on debt and derivative instruments. These profit measures are\ndefined in the underlying profit measure tables.\n\n****One-off factors affecting earnings per share and underlying\nearnings per share calculations are explained in the earnings per share\nsection.\n\n* Results slightly ahead of management expectations\n\n* Underlying operating profit of £328 million: reflects new regulatory\nsettlement\n\n* Completed c£600 million non-regulated disposal programme: strategic focus on\nregulated business\n\n* Customer satisfaction at highest recorded level: continued strong focus on\noperational performance\n\n* Good start to new regulatory period: capital investment of £307 million in\nthe first half\n\n* West East Link: close to completing one of the largest capital projects of\nits kind in UK water sector\n\n* Confident of delivering outperformance over 2010-15 period\n\n* Interim dividend of 10 pence per share, in line with policy\n\nPhilip Green, Chief Executive, said:\n\n\"We have made a good start to the new regulatory period and I am\npleased to report results slightly ahead of our expectations. The board has\ndeclared an interim dividend for 2010/...