Business
Half-yearly Report
Half-yearly Report.
About this update from United Utilities Group Plc
[{"type":"text","content":"\n \nUnited Utilities Group PLC\n\n27 November 2013\n\nHALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013\n\nContinuing operations Six months ended \n \n 30 September 2013 30 September 2012 \n \n (Restated*) \n \nRevenue £853.3m £822.9m \n \nUnderlying operating profit** £343.2m £314.7m \n \nOperating profit £341.7m £314.1m \n \nInterim dividend per ordinary 12.01p 11.44p \nshare (pence) \n \nRegulatory capital \nexpenditure*** £407m £354m \n \nRCV gearing**** 59% 60% \n\n\n* In accordance with the revised accounting standard IAS 19 'Employee benefits'\nwhich applies retrospectively, the prior half year has been restated\n\n** Underlying profit measures have been provided to give a more representative\nview of business performance and are defined in the underlying profit measure\ntables\n\n*** Regulatory capex represents fixed asset additions and infrastructure\nrenewals expenditure using regulatory accounting guidelines; there is no\nequivalent GAAP measure\n\n**** Regulatory capital value or RCV gearing calculated as group net debt/\nUnited Utilities Water's RCV adjusted for actual capex (outturn prices)\n\n\n* Operational improvement delivering further benefits for customers\n\n- continued improvements in customer satisfaction, with further progress on\nOfwat's SIM scores\n\n- strong operational performance on Ofwat's overall KPIs assessment\n\n- effective delivery of capital investment programme; Time: Cost: Quality index\n(TCQi) over 90%\n\n- expect to invest at least £800m in 2013/14\n\n* Outperformance continues to benefit customers and shareholders\n\n- reinvesting c£240m of capex & financing outperformance for customer &\nenvironmental benefits\n\n- revised tax treatment agreed with HMRC; c£75m net cash benefit to be used as\nfollows:\n\n- c£20m special customer discount; offsetting allowed real price increase for\n2014/15\n\n- c£17m of further support for customers struggling to pay\n\n- c£38m balance to be used for future sharing with customers\n\n* Good financial performance\n\n- underlying operating profit up £29m to £343m, benefiting from tight cost\ncontrol\n\n- interim dividend of 12.01 pence per share, in line with policy\n\n* Business plan submission proposes below inflation bills for households\n\n- reflects extensive customer consultation, coupled with significant cost\nsavin...