United Utilties spent £620 million on water and wastewater infrastructure over the last year with revenue from continuing operations rising by £12 million to £2,439 million.
Underlying operating profit increased by 3% to £756 million but underlying profit before tax decreased by 6% to £500 million, which the firm attributed to an increase in the underlying cost of net borrowings.
Chief executive Philip Green said: “Improving operational performance is an important part of our strategy and we are pleased to have met our regulatory leakage target for the fourth consecutive year, despite the exceptional winter weather conditions.
In a documentoutlining the company's financial results for the year ending March 2010, Green also said that: "We have also halved the number of serious pollution incidents over the last few years."
The announcement followed United Utilities selling its 100% owned subsidiary United Utilities Australia to a consortium that included Manila Water Company, Mitsubishi Corporation, Innovation Network Corporation of Japan and JGC Corporation for approximately AUD225 million (see Water & Wastewater International story).
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