Final Results for the year ended 31 March 2009

28 May 2009

¹ Underlying operating profit and underlying profit before tax are defined in the underlying profit measure table on page 13.
² Basic EPS for the year ended 31 March 2009 was negatively impacted by a one-off deferred tax charge of £206.4 million (equivalent to 30.3 pence per share) and basic EPS for the comparative period (re-presented) was positively impacted by a one-off deferred tax credit of £81.7 million (equivalent to 12.0 pence per share), as explained in the earnings per share section on page 10.
³ 2008/09 dividends per share reduced by 30%, as initially outlined in United Utilities' half yearly financial report published on 29 November 2007, in light of the revised composition of the group following the sale of United Utilities Electricity and the £1.5 billion return to shareholders.

• Strong results in a challenging environment: underlying operating profit1 up 10% to £742 million
• Financing position remains robust: headroom through to mid-2011
• £740 million invested in regulated water and wastewater infrastructure during the year
• Regulatory leakage target achieved for third consecutive year
• Customer satisfaction continues to improve
• Final business plan for 2010-15 submitted to Ofwat in April 2009
• Final dividend of 22.03 pence per share in line with policy

Commenting, Philip Green, Chief Executive, said:

"This is a robust set of results in a difficult economic climate.  We have delivered strong underlying profit growth and continued to make high levels of investment in our water and wastewater infrastructure.  United Utilities continues to benefit from a robust financing position and we have a healthy level of headroom to cover our projected financing needs through to mid-2011.

"We have a consistent strategy to focus on our core skills of managing utility networks, as we aim to build on the operational and customer service improvements seen over the last few years.  Our non-regulated business has made further progress, leveraging our core skills to secure additional long-term revenue streams for the group.

"We submitted our final business plan for 2010-15 to Ofwat in April 2009, which we believe balances the needs of all our stakeholders and maintains the affordability of customer bills.  We expect investment in our assets to continue at high levels, providing further growth as well as environmental and customer benefits.

"We expect to deliver a sound underlying financial performance in the final year of this regulatory period, although the group faces ongoing revenue and cost pressures.  In line with our policy, we expect to grow dividends for 2009/10 by five per cent."

For further information on the day, please contact:
 
Philip Green - Chief Executive +44 (0) 20 7307 0300
Tim Weller - Chief Financial Officer +44 (0) 20 7307 0300
 
Gaynor Kenyon - Communications Director +44 (0) 7753 622282
Darren Jameson - Head of Investor Relations +44 (0) 7733 127707
 
James Bradley / Tom Murray - Tulchan Communications +44 (0) 20 7353 4200

A presentation to investors and analysts starts at 9.00 am on Thursday 28 May 2009, at the Auditorium, Deutsche Bank, Winchester House, 1 Great Winchester Street, London, EC2N 2DB.  The presentation can be accessed via a live listen in conference call facility by dialling: +44 (0) 20 7162 0025.  A recording of the call will be available for seven days following 28 May 2009 on +44 (0) 20 7031 4064, access code 834294.

This final results announcement and the associated presentation will be available on the day at: http://www.unitedutilities.com. 

Download the whole announcement here. 

View the Annual Report and Financial Statement 2009