Business
United Utilities AGM and Interim Management Sta...
United Utilities AGM and Interim Management Sta....
About this update from United Utilities Group Plc
[{"type":"text","content":"\n \nUnited Utilities Group PLC\n\n24 July 2009\n\n UNITED UTILITIES GROUP PLC 2009 ANNUAL GENERAL MEETING \n AND INTERIM MANAGEMENT STATEMENT \n\nUnited Utilities issues a trading update, for the period 1 April 2009 to 23\nJuly 2009, ahead of its Annual General Meeting to be held today at The Midland\nHotel, Peter Street, Manchester. Commenting on the group's performance for the\nyear ended 31 March 2009, Chairman, Dr John McAdam will say:\n\n\"The group has had a successful year in a challenging economic environment. We\nhave delivered strong underlying profit growth and further operational\nimprovements. In addition, we completed the return of approximately £1.5\nbillion to shareholders as planned.\n\n\"Consistent with our policy, the board is proposing a final dividend of 22.03\npence per share, making a total of 32.67 pence per share for the 2008/09\nfinancial year.\"\n\nCurrent trading is in line with the group's expectations of delivering a sound\nunderlying financial performance in 2009/10. The regulated business is allowed\na 6.0% regulatory price increase (including inflation) for 2009/10, to help\nfund the high levels of essential investment in its assets to meet strict\nenvironmental standards and deliver an improved service for customers. The\neconomic pressures the group experienced in 2008/09 are continuing in the\ncurrent financial year and, as indicated previously, regulated revenue growth\nfor the year is expected to be lower than this allowed price rise, reflecting\nlower water demand.\n\nThe group's business improvement initiatives are delivering benefits and UUW is\nbroadly on track to meet its operating efficiency targets across the 2005-10\nprice review period, although cost pressures in areas such as power and bad\ndebts are expected to continue in 2009/10.\n\nAs part of United Utilities' sustainability programme, the group has developed\nthe technology to convert biogas, a by-product of the sludge treatment process,\ninto biomethane for vehicle fuel and potentially for export into the national\ngas distribution network. In June, the company was awarded government funding\nto support a £4 million pilot project to utilise this new technology.\n\nImproving operational performance is a key area of focus for the group. The\nbusiness met its regulatory leakage target for the third consecutive year in\n2008/0...