United Utilities promise to keep customers’ bills down

SOURCE: Rivington Reservoir
SOURCE: Rivington Reservoir
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Bosses at North West water giant United Utilities have promised customers’ bills will rise at less than inflation to 2020, as the firm reported an operating profit of £653m.

Bosses at North West water giant United Utilities have promised customers’ bills will rise at less than inflation to 2020, as the firm reported an operating profit of £653m.

We have exceeded our regulatory outperformance targets, enabling us to reinvest around £280m in customer service improvements and in helping customers struggling to pay.

Steve Mogford

The Warrington-based firm announced revenues of £1.72bn for the year ending March 31 – up from a restated figure of £1.69bn for the previous year.

Operating profits climbed to £653.3m for 2014/15, compared to £630.2m a year earlier.

The company also announced total dividends per ordinary share of 37.7p, compared to 36.04p in the previous period.

Steve Mogford, chief executive officer, said: “We have now completed the 2010-15 regulatory period and are pleased to have achieved a strong overall performance for the benefit of all our stakeholders.

“We have exceeded our regulatory outperformance targets, enabling us to reinvest around £280m in customer service improvements and in helping customers struggling to pay.”

He added: “We expected our 2015-20 price determination to be tough and it was.

“For shareholders, we are targeting to grow dividends by at least RPI inflation for the next five years.

“For customers, we will continue to provide benefits through significant levels of investment, improved service and below inflation growth in average household bills for the decade to 2020.”

United Utilities holds a licence to provide water and sewage services to around seven million people in North West.

Its operates over 42,000km of water pipes, from Cumbria to Cheshire. It also has over 76,000km of sewers, 569 wastewater treatment works and 94 water treatment works.