United Utilities has released full year results for the year ended 31 March (release). The firm saw profit before tax rise £280.4m to £304.7m.
Revenue rose by £71m to £1,636m, largely as a result of the impact of the regulated price increase of 2012/13 of 5.8 per cent. This was partially offset by reduced volumes and customer switching to meters.
Steve Mogford, chief executive officer, said:
Customer satisfaction with our service continues to improve, underpinned by strong operational and environmental performance. We are improving the quality and reliability of our infrastructure and, across the 2010-15 period, expect to reinvest around £200 million of capital expenditure outperformance for the benefit of our customers and the environment.
We accelerated our capital investment programme and invested £787 million in the year, taking the total investment in our network, since the start of the regulatory period in 2010, to just over £2 billion, providing an important contribution to the North West economy. We are delivering a smoother and more effective programme and we expect to invest around a further £800 million in 2013/14.